Full Text of HB5621 103rd General Assembly
HB5621eng 103RD GENERAL ASSEMBLY | | | HB5621 Engrossed | | LRB103 39439 MXP 69632 b |
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| 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. |
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| 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 |
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| 1 | | loan previously made by a lender that is unaffiliated with | 2 | | the financial intermediary making the new loan and if the | 3 | | proceeds of the refinance transaction are not used to | 4 | | finance an extraordinary dividend or other distribution. | 5 | | (Source: P.A. 99-143, eff. 7-27-15; 100-377, eff. 8-25-17.) |
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