101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5381
 
Introduced , by Rep. Amy Grant - Grant Wehrli - Terri Bryant - Dan Ugaste - Darren Bailey
 
SYNOPSIS AS INTRODUCED:
 

 
20 ILCS 3501/825-17 new

     Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall study the feasibility of the implementation of a program that would provide loans to small business owners for first time real property purchases. Provides for the issues to be examined in the study. Provides that the Authority shall produce a report of findings based upon the issues examined, and shall submit that report to the Governor and the General Assembly on or before January 1, 2022. Provides that the report shall also include recommendations as to the feasibility of the loan program. Repeals provisions on January 1, 2023.
  


LRB101 18766 RJF 68221 b

 
 
A BILL FOR
 

  
HB5381LRB101 18766 RJF 68221 b


  
1    AN ACT concerning finance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Finance Authority Act is amended  by 
5adding Section 825-17 as follows:
 
6    (20 ILCS 3501/825-17 new)
7    Sec. 825-17. Small business loan for real property purchase 
8study.
9    (a)   The Authority shall study the feasibility of the 
10implementation of a program that would provide loans to small 
11business owners for first time real property purchases. The 
12program, if feasible, would have the purpose of encouraging 
13entrepreneurs and small business owners to purchase property 
14and establish brick and mortar locations by offering loans at 
15market rates with incentives to remain in the State with debt 
16forgiveness after an established number of years.
17    (b)   The study undertaken by the Authority under this 
18Section shall examine issues including, but not limited to, the 
19following:
20        (1)   the cost of the implementation and administration 
21    of the loan program, including potential avenues of program 
22    funding;
23        (2)   the cost and effectiveness of similar programs, 
 
 
HB5381- 2 -LRB101 18766 RJF 68221 b

1    both in this State and in other states, including, but not 
2    limited to, a loan program established by the Housing 
3    Development Authority for new homeowners;
4        (3)   the potential benefits and disadvantages for the 
5    State and Illinois business owners upon implementation of 
6    the loan program; and
7        (4)   any other issue the Authority may deem relevant to 
8    the creation of the loan program as studied under this 
9    Section.
10    (c)   The Authority shall produce a report of findings based 
11upon the issues examined under subsection (b), and shall submit 
12that report to the Governor and the General Assembly on or 
13before January 1, 2022. The report shall also include 
14recommendations as to the feasibility of the loan program 
15studied under this Section.
16    (d)   This Section is repealed on January 1, 2023.