Illinois General Assembly - Full Text of Public Act 095-0097
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Public Act 095-0097




Public Act 095-0097
HB1241 Enrolled LRB095 09169 RCE 29362 b

    AN ACT concerning finance.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Build Illinois Act is amended by changing
Section 9-4.3 as follows:
    (30 ILCS 750/9-4.3)  (from Ch. 127, par. 2709-4.3)
    Sec. 9-4.3. Minority, female and disability loans.
    (a) In the making of loans for minority, female or
disability small businesses, as defined below, the Department
is authorized to employ different criteria in lieu of the
general provisions of subsections (b), (d), (e), (f), (h), and
(i) of Section 9-4.
    Minority, female or disability small businesses, for the
purpose of this Section, shall be defined as small businesses
that are, in the Department's judgment, at least 51% owned and
managed by one or more persons who are minority, female or
    (b) Loans made pursuant to this Section:
        (1) Shall not exceed $100,000 $50,000 or 50% of the
    business project costs unless the Director of the
    Department determines that a waiver of these limits is
    required to meet the purposes of this Act.
        (2) Shall only be made if, in the Department's
    judgment, the number of jobs to be created or retained is
    reasonable in relation to the loan funds requested.
        (3) Shall be protected by security. Financial
    assistance may be secured by first, second or subordinate
    mortgage positions on real or personal property, by royalty
    payments, by personal notes or guarantees, or by any other
    security satisfactory to the Department to secure
    repayment. Security valuation requirements, as determined
    by the Department, for the purposes of this Section, may be
    less than required for similar loans not covered by this
    Section, provided the applicants demonstrate adequate
    business experience, entrepreneurial training or
    combination thereof, as determined by the Department.
        (4) Shall be in such principal amount and form and
    contain such terms and provisions with respect to security,
    insurance, reporting, delinquency charges, default
    remedies, and other matters as the Department shall
    determine appropriate to protect the public interest and
    consistent with the purposes of this Section. The terms and
    provisions may be less than required for similar loans not
    covered by this Section.
(Source: P.A. 87-1177; 88-422.)

Effective Date: 1/1/2008