On May 23, ILL LEG passed bill to amend Build Illinois Act loan limits.
ILL LEG passed Bill SB 3807 to amend the Build Illinois Act, ILL LEG 30-750/9-4.3.
Applies to the limit on the loan amount granted to small businesses of minority persons, veterans, females, or persons with a disability under the Build Illinois Act.
Bill Provisions
Increases limit for loans made to minority, veteran, female, disability small businesses to $2mn or 50% of business costs unless the director determines a waiver is required.
Eligible projects include refinancing current debt if loan will refinance a loan previously made by a lender unaffiliated with the financial intermediary making the new loan.
Also if refinancing proceeds not used to finance an extraordinary dividend/distribution.
Legislative History
On Feb. 9, 2024, bill introduced in Senate; on Apr. 12, 2024, bill passed in Senate.
On Apr. 12, 2024, bill delivered to House; on May 23, 2024, bill was passed in House.
Effectiveness
Illinois bills passed before Jun. 1 take effect Jan. 1 of the next year, on Jan. 1, 2025.
Aug. 2024 ILL LEG Governor Approval
On Aug. 9, 2024, ILL LEG reported governor approval; assigned Public Act 103-1051.
Regulators
ILL LEG
Entity Types
CNSM; Corp
Reference
Public Act 103-1051, 8/9/2024; Bill SB3807, 5/23/2024; Citation: ILL LEG 30-750/9-4.3;
