IL HB1960

Creates the Black Wall Street Program administered by the Department of Commerce and Economic Opportunity to provide $5,000,000 loans to eligible municipalities for establishing Black Wall Street Business Districts.

Municipalities with at least 70% African American population may apply annually; maximum 10 municipalities selected per year, with 8 specific municipalities (Harvey, Dolton, Calumet City, Ford Heights, Chicago Heights, Peoria, East St. Louis, and Chicago's Westside) guaranteed funding in the first year.

Requires each participating municipality to establish a Black Wall Street Investment Board and a municipal investment program to disperse loan funds to qualified African American business entities and persons.

Establishes a Black Wall Street Investment Hub providing microloans, business planning assistance, training on business development and marketing, and other services to African American entrepreneurs in the business districts.

Creates the Black Wall Street Fund as a special state treasury fund to support program administration and the Investment Hub; Department must adopt rules to implement the program requirements.