Synopsis As Introduced Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Authorizes the Department of Commerce and Economic Opportunity to make participation loans to small businesses that are at least 51% owned and managed by one or more persons who are veterans for the purposes of promoting the creation of veteran-owned small businesses and promoting the creation of jobs within small businesses. Provides that a loan may not exceed $100,000 or 50% of the business project costs. Provides that a loan may be made only if, in the Department's judgment, the number of jobs to be created is reasonable in relation to the loan funds requested. Provides that a loan must be protected by security. Effective immediately.
Replaces everything after the enacting clause. Amends the "Small Business Development Act" Article of the Build Illinois Act. Adds a definition of "veteran", and provides that small businesses that are at least 51% owned and managed by one or more persons who are veterans are eligible for loans from the Department of Commerce and Economic Opportunity on the same terms as minority, female, or disability small businesses. Effective immediately.