Illinois 99th Regular Session Status: In Committee

SB 708 — MICROLOAN PROGRAM ACT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 99th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Creates the Microloan Program Act. Provides that the Director of Commerce and Economic Opportunity may (i) make grants to eligible intermediaries for the purpose of making short-term, fixed interest rate microloans to small business concerns, (ii) make grants to these intermediaries for the purpose of providing intensive marketing, management, and technical assistance to small business concerns that are borrowers under the Act, (iii) issue grants to administer a training program to train intermediaries in the knowledge, skills, and understanding of microlending necessary to operate successful microloan programs. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for grants made to intermediaries; marketing, management, and technical assistance grants to intermediaries; and the equitable distribution of intermediaries. Provides that the Department of Commerce and Economic Opportunity may issue grants to administer a training program for intermediaries that presently have minimal or no expertise or experience in microlending. Requires the Department to file certain reports with the General Assembly. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act. Amends the State Finance Act. Creates the Business Loan and Investment Fund as a special fund in the State treasury.

Bill Text

Action History

  1. Session Sine Die

  2. Added as Co-Sponsor Sen. William R. Haine

  3. Rule 3-9(a) / Re-referred to Assignments

  4. Postponed - Financial Institutions

  5. Assigned to Financial Institutions

  6. Referred to Assignments

  7. First Reading

  8. Filed with Secretary by Sen. Dan Kotowski

Sponsors

  • Dan Kotowski · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Dan Kotowski

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 708 do?
Creates the Microloan Program Act. Provides that the Director of Commerce and Economic Opportunity may (i) make grants to eligible intermediaries for the purpose of making short-term, fixed interest rate microloans to small business concerns, (ii) make grants to these intermediaries for the purpose of providing intensive marketing, management, and technical assistance to small business concerns that are borrowers under the Act, (iii) issue grants to administer a training program to train intermediaries in the knowledge, skills, and understanding of microlending necessary to operate successful microloan programs. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for grants made to intermediaries; marketing, management, and technical assistance grants to intermediaries; and the equitable distribution of intermediaries. Provides that the Department of Commerce and Economic Opportunity may issue grants to administer a training program for intermediaries that presently have minimal or no expertise or experience in microlending. Requires the Department to file certain reports with the General Assembly. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act. Amends the State Finance Act. Creates the Business Loan and Investment Fund as a special fund in the State treasury.
Who sponsors SB 708?
SB 708 is sponsored by Dan Kotowski.
What is the current status of SB 708?
This bill died with 99th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 708?
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