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IL HB5621
Bill
Status
Failed
1/7/2025
Primary Sponsor
Carol Ammons
Click for details
AI Summary
- Increases the maximum loan limit for minority, veteran, female, and disability-owned small businesses from $400,000 to $2,000,000 under the Build Illinois Act
- Allows the Department to use alternative lending criteria for these targeted businesses in lieu of standard provisions regarding loan amounts, security requirements, and terms
- Defines eligible businesses as those at least 51% owned and managed by minorities, women, persons with disabilities, or veterans
- Permits security valuation requirements lower than standard loans if applicants demonstrate adequate business experience or entrepreneurial training
- Authorizes refinancing of current business debt as an eligible project use, provided the new loan provides benefits to the business
Legislative Description
BUILD ILLINOIS ACT-LOAN LIMIT
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments6/26/2024
Executive5/15/2024
Assignments5/15/2024
Executive5/1/2024
Assignments4/19/2024
Small Business, Tech Innovation, and Entrepreneurship3/12/2024
Rules2/9/2024
Full Bill Text
No bill text available