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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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Celina Villanueva [D]	Primary	Sponsored Bills	SD-012	FollowTheMoney	Ballotpedia	VoteSmart
Senator Paul Faraci [D]	Cosponsor	Sponsored Bills	SD-052	FollowTheMoney	N/A	N/A
Senator Mary Edly-Allen [D]	Cosponsor	Sponsored Bills	SD-031	FollowTheMoney	Ballotpedia	VoteSmart
Representative Carol Ammons [D]	Primary	Sponsored Bills	HD-103	FollowTheMoney	Ballotpedia	VoteSmart
Representative Dagmara Avelar [D]	Cosponsor	Sponsored Bills	HD-085	FollowTheMoney	Ballotpedia	VoteSmart
Representative Curtis Tarver [D]	Cosponsor	Sponsored Bills	HD-025	FollowTheMoney	Ballotpedia	VoteSmart
Representative Yolanda Morris [D]	Cosponsor	Sponsored Bills	HD-009	FollowTheMoney	Ballotpedia	VoteSmart
Representative Brandun Schweizer [R]	Cosponsor	Sponsored Bills	HD-104	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kevin Schmidt [R]	Cosponsor	Sponsored Bills	HD-114	FollowTheMoney	Ballotpedia	N/A

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