Bill Text: IL SB0785 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Investment and Development Authority Act. Makes a technical change in a Section concerning the purpose of the Act.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB0785 Detail]

Download: Illinois-2019-SB0785-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB0785 Introduced 1/31/2019, by Sen. William E. Brady SYNOPSIS AS INTRODUCED:
20 ILCS 3820/5
Amends the Illinois Investment and Development Authority Act. Makes a technical change in a Section concerning the purpose of the Act.
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A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Investment and Development
Authority Act is amended by changing Section 5 as follows:
(20 ILCS 3820/5)
Sec. 5. Purpose. The The purpose of this Act is to create a
State entity to support the creation and growth of community
development financial institutions, which provide access to
capital for business development, capital investments, and
other financing to expand private sector activities in
economically disadvantaged communities and for low income
people, by providing grants, loans, and technical assistance to
CDFIs. Assistance by this entity would (i) expand financial
services and capital access in economically disadvantaged
communities, (ii) provide support for the creation of new small
businesses and new jobs in economically disadvantaged
communities, (iii) create opportunities for banks to get a
federal incentive for investments in a CDFI, (iv) increase this
State's share of the money distributed annually by the federal
Community Development Financial Institutions Fund, and (v)
create a new partnership between the State, banks and thrifts,
and CDFIs.

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(Source: P.A. 92-864, eff. 6-1-03.)