|
| | SB3807 Engrossed | | LRB103 38516 MXP 68652 b |
|
|
| 1 | | AN ACT concerning State government.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Build Illinois Act is amended by changing |
| 5 | | Section 9-4.3 as follows:
|
| 6 | | (30 ILCS 750/9-4.3) (from Ch. 127, par. 2709-4.3) |
| 7 | | Sec. 9-4.3. Minority, veteran, female and disability |
| 8 | | loans. |
| 9 | | (a) In the making of loans for minority, veteran, female |
| 10 | | or disability small businesses, as defined below, the |
| 11 | | Department is authorized to employ different criteria in lieu |
| 12 | | of the general provisions of subsections (b), (d), (e), (f), |
| 13 | | (h), and (i) of Section 9-4. |
| 14 | | Minority, veteran, female or disability small businesses, |
| 15 | | for the purpose of this Section, shall be defined as small |
| 16 | | businesses that are, in the Department's judgment, at least |
| 17 | | 51% owned and managed by one or more persons who are minority |
| 18 | | or female or who have a disability or who are veterans. |
| 19 | | (b) Loans made pursuant to this Section: |
| 20 | | (1) Shall not exceed $2,000,000 $400,000 or 50% of the |
| 21 | | business project costs unless the Director of the |
| 22 | | Department determines that a waiver of these limits is |
| 23 | | required to meet the purposes of this Act. |
|
| | SB3807 Engrossed | - 2 - | LRB103 38516 MXP 68652 b |
|
|
| 1 | | (2) Shall only be made if, in the Department's |
| 2 | | judgment, the number of jobs to be created or retained is |
| 3 | | reasonable in relation to the loan funds requested. |
| 4 | | (3) Shall be protected by security. Financial |
| 5 | | assistance may be secured by first, second or subordinate |
| 6 | | mortgage positions on real or personal property, by |
| 7 | | royalty payments, by personal notes or guarantees, or by |
| 8 | | any other security satisfactory to the Department to |
| 9 | | secure repayment. Security valuation requirements, as |
| 10 | | determined by the Department, for the purposes of this |
| 11 | | Section, may be less than required for similar loans not |
| 12 | | covered by this Section, provided the applicants |
| 13 | | demonstrate adequate business experience, entrepreneurial |
| 14 | | training or combination thereof, as determined by the |
| 15 | | Department. |
| 16 | | (4) Shall be in such principal amount and form and |
| 17 | | contain such terms and provisions with respect to |
| 18 | | security, insurance, reporting, delinquency charges, |
| 19 | | default remedies, and other matters as the Department |
| 20 | | shall determine appropriate to protect the public interest |
| 21 | | and consistent with the purposes of this Section. The |
| 22 | | terms and provisions may be less than required for similar |
| 23 | | loans not covered by this Section. |
| 24 | | (5) Notwithstanding anything in this Act to the |
| 25 | | contrary, eligible projects include, but are not limited |
| 26 | | to, refinancing current debt if the loan will refinance a |