Bill Title: Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution.

Spectrum: Moderate Partisan Bill (Democrat 7-2)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-1051 [SB3807 Detail]

Text: Latest bill text (Chaptered) [HTML]

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