Illinois General Assembly - Full Text of HB5621
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Full Text of HB5621  103rd General Assembly



HB5621 EngrossedLRB103 39439 MXP 69632 b

1    AN ACT concerning State government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Build Illinois Act is amended by changing
5Section 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
9    (a) In the making of loans for minority, veteran, female
10or disability small businesses, as defined below, the
11Department is authorized to employ different criteria in lieu
12of 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,
15for the purpose of this Section, shall be defined as small
16businesses that are, in the Department's judgment, at least
1751% owned and managed by one or more persons who are minority
18or 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.



HB5621 Engrossed- 2 -LRB103 39439 MXP 69632 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



HB5621 Engrossed- 3 -LRB103 39439 MXP 69632 b

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.)