IL HR1293

Requests that the Central Management Services Business Enterprise Council include equity ownership of silent investors of the same special classification when calculating majority ownership requirements for minority-owned (MBE), women-owned (WBE), and veteran-owned (VOB/SDVOB) businesses.

Directs the Business Enterprise Council to count silent investor equity toward control calculations when those investors have delegated controlling authority to persons of the qualifying classification.

Acknowledges that small businesses commonly raise capital through equity sales to angel investors and venture capitalists who may have no operational involvement in the company.

Recognizes Illinois policy defines special classification companies as at least 51% owned and fully controlled by members of the designated classification group.

Addresses concerns about fraudulent certification of special classification businesses by clarifying equity ownership calculation standards for the certification process.