Illinois General Assembly - Bill Status for SB0708

Creates the Microloan Program Act. Provides that the Director of Commerce and Economic Opportunity may (i) make grants to eligible intermediaries for the purpose of making short-term, fixed interest rate microloans to small business concerns, (ii) make grants to these intermediaries for the purpose of providing intensive marketing, management, and technical assistance to small business concerns that are borrowers under the Act, (iii) issue grants to administer a training program to train intermediaries in the knowledge, skills, and understanding of microlending necessary to operate successful microloan programs. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for grants made to intermediaries; marketing, management, and technical assistance grants to intermediaries; and the equitable distribution of intermediaries. Provides that the Department of Commerce and Economic Opportunity may issue grants to administer a training program for intermediaries that presently have minimal or no expertise or experience in microlending. Requires the Department to file certain reports with the General Assembly. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act. Amends the State Finance Act. Creates the Business Loan and Investment Fund as a special fund in the State treasury.

Date	Chamber	Action
1/10/2017	Senate	Session Sine Die

Date	Chamber	Action
2/3/2015	Senate	Filed with Secretary by Sen. Dan Kotowski
2/3/2015	Senate	First Reading
2/3/2015	Senate	Referred to Assignments
2/11/2015	Senate	Assigned to Financial Institutions
3/25/2015	Senate	Postponed - Financial Institutions
3/27/2015	Senate	Rule 3-9(a) / Re-referred to Assignments
4/30/2015	Senate	Added as Co-Sponsor Sen. William R. Haine
1/10/2017	Senate	Session Sine Die