HB5239 Summary

• Creates the Illinois Economic Development Corporation with a board of directors chaired by the Governor and including 8 members appointed with Senate consent, plus nonvoting members from Central Management Services and Revenue departments.

• Board shall develop and implement economic programs providing business support, financial assistance, and expertise to companies investing and creating jobs in Illinois, including support for startups and business expansion.

• Requires the board to establish clear goals and measurable benchmarks for each program, collect performance reports from grant and loan recipients of $100,000 or more with CPA verification, and independently verify a sample of reports annually.

• Authorizes the board to recoup payments, withhold future payments, and impose financial penalties on grant or loan recipients who submit false information or fail to comply with contract terms.

• Creates the Illinois Small Business Development Center within the corporation administered by a 7-member advisory council to provide counseling and training on business formation, management skills, and market analysis for startup businesses and job-creation firms.