HB 5621

Abstract

Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution. Senate Committee Amendment No. 1 Deletes reference to: 30 ILCS 750/9-4.3 Adds reference to: 30 ILCS 750/1-1 from Ch. 127, par. 2701-1 Replaces everything after the enacting clause. Amends the Build Illinois Act. Makes a technical change in a Section concerning the short title.