IL SB3153

Creates the 21st Century Diversity Business Program administered by the Department of Commerce and Economic Opportunity to provide loans and financial assistance to minority-owned businesses in designated 21st Century Diversity Business Districts.

Establishes eligibility requirements for municipalities to participate, including passing an ordinance declaring intent to create a district; limits program to maximum 5 new municipalities per year and 30 total participating municipalities.

Sets loan caps at $1,000,000 per individual business and $5,000,000 aggregate per participating municipality; requires participating municipalities to establish a 21st Century Diversity Business Investment Board.

Mandates the Department and grantees provide technical assistance including business planning, financial management, and marketing support; requires annual informational sessions for eligible municipalities and businesses.

Requires the Office of the Secretary of State to maintain an online registry of self-certified minority business owners available to public and private entities seeking services.