Bill Text: IL HB5381 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall study the feasibility of the implementation of a program that would provide loans to small business owners for first time real property purchases. Provides for the issues to be examined in the study. Provides that the Authority shall produce a report of findings based upon the issues examined, and shall submit that report to the Governor and the General Assembly on or before January 1, 2022. Provides that the report shall also include recommendations as to the feasibility of the loan program. Repeals provisions on January 1, 2023.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2020-02-18 - Referred to Rules Committee [HB5381 Detail]

Download: Illinois-2019-HB5381-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5381 Introduced , by Rep. Amy Grant - Grant Wehrli - Terri Bryant - Dan Ugaste - Darren Bailey SYNOPSIS AS INTRODUCED:
20 ILCS 3501/825-17 new
Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall study the feasibility of the implementation of a program that would provide loans to small business owners for first time real property purchases. Provides for the issues to be examined in the study. Provides that the Authority shall produce a report of findings based upon the issues examined, and shall submit that report to the Governor and the General Assembly on or before January 1, 2022. Provides that the report shall also include recommendations as to the feasibility of the loan program. Repeals provisions on January 1, 2023.
LRB101 18766 RJF 68221 b
A BILL FOR
HB5381 LRB101 18766 RJF 68221 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Finance Authority Act is amended by
adding Section 825-17 as follows:
(20 ILCS 3501/825-17 new)
Sec. 825-17. Small business loan for real property purchase
study.
(a) The Authority shall study the feasibility of the
implementation of a program that would provide loans to small
business owners for first time real property purchases. The
program, if feasible, would have the purpose of encouraging
entrepreneurs and small business owners to purchase property
and establish brick and mortar locations by offering loans at
market rates with incentives to remain in the State with debt
forgiveness after an established number of years.
(b) The study undertaken by the Authority under this
Section shall examine issues including, but not limited to, the
following:
(1) the cost of the implementation and administration
of the loan program, including potential avenues of program
funding;
(2) the cost and effectiveness of similar programs,

HB5381 - 2 - LRB101 18766 RJF 68221 b
both in this State and in other states, including, but not
limited to, a loan program established by the Housing
Development Authority for new homeowners;
(3) the potential benefits and disadvantages for the
State and Illinois business owners upon implementation of
the loan program; and
(4) any other issue the Authority may deem relevant to
the creation of the loan program as studied under this
Section.
(c) The Authority shall produce a report of findings based
upon the issues examined under subsection (b), and shall submit
that report to the Governor and the General Assembly on or
before January 1, 2022. The report shall also include
recommendations as to the feasibility of the loan program
studied under this Section.
(d) This Section is repealed on January 1, 2023.