Bill Title: Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution.

Spectrum: Moderate Partisan Bill (Democrat 7-2)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-1051 [SB3807 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2024-08-09	HTML/Text	Link	View
Enrolled	2024-05-23	HTML/Text	Link	View
Engrossed	2024-04-12	HTML/Text	Link	View
Introduced	2024-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB3807

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3807 currently on file.

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