96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3702


 
Introduced 2/11/2010, by Sen. Michael Noland
 
SYNOPSIS AS INTRODUCED:
 		





 







20 ILCS 605/605-418 new











     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 establish a business ownership grant and loan program for unemployed individuals. Specifies the purposes for which grant funds may be used. Effective January 1, 2011.
  















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






SB3702

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    AN ACT concerning State government.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Department of Commerce and Economic 
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Opportunity Law of the
Civil Administrative Code of Illinois is 
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amended  by adding Section 605-418 as follows:
 
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    (20 ILCS 605/605-418 new)
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    Sec. 605-418. Grants to qualified entities  serving 
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unemployed individuals. 
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    (a)     Subject to appropriation, the Department of Commerce 
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and Economic Opportunity may establish a business ownership 
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grant and loan program to encourage the employment of 
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unemployed individuals.  Funding for this program shall come 
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from the General Revenue Fund.  The Department shall provide 
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grants to organizations and entities that work with unemployed 
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individuals to facilitate the entry or reentry of those persons 
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into the workforce.  Organizations wishing to participate in the 
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program must present an application to the Department in order 
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to receive funding.
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    (b)   Grant moneys may be used only  for the following 
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purposes: 
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        (1)    For the awarding of grants to organizations and 
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    entities to provide low interest loans to unemployed 
 


 






SB3702
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    individuals so that those individuals may start and operate 
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    their own businesses that have a positive impact on 
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    society.  The maximum amount of a loan funded by a grant 
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    under this Section that an unemployed individual may 
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    receive is $5,000.
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        (2)    For the awarding of grants to entities or 
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    organizations assisting unemployed individuals, so that 
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    those individuals may develop  business plans to start up 
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    their own businesses.  These grants are to be used for the 
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    sole purpose of acquiring a business plan developed by a 
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    credible source.  In order to receive these grants, 
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    qualified unemployed individuals must submit an 
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    application and provide 50% of the cost to develop the 
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    business plan. 
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        (3)    For administrative costs of the program. 
 
 
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    Section 99. Effective date. This Act takes effect January 
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1, 2011.