DCEO-RURAL MICROBUSINESS LOANS Senate SponsorsSen. John M. Sullivan-Deanna Demuzio-Jeffrey M. Schoenberg, Antonio Munoz and Arthur J. Wilhelmi-Martin A. Sandoval House Sponsors(Rep. Robert F. Flider-Daniel V. Beiser-John E. Bradley-Kurt M. Granberg-Lisa M. Dugan, Gary Hannig, Careen M Gordon and Cynthia Soto) 8/1/2005SenatePublic Act . . . . . . . . . 94-0392 20 ILCS 605/605-412 new30 ILCS 105/5.640 newAmends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Rural Microbusiness Loan Program to provide $250,000 per fiscal year in loans for the establishment or support of businesses that: (i) employ 5 or fewer employees; (ii) are located in rural counties with a population of 100,000 or less; and (iii) are based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. Limits the total amount of loans made to any borrower to $25,000 per fiscal year. Requires the Department to adopt rules concerning the administration of the program and to create a competitive application procedure. Requires a borrower to provide a certain portion of the financing for the project. Limits the term of the loan to no more than 5 years. Contains provisions concerning the interest rate, security required for the loan, and other terms. Provides that all interest generated by the loans shall be deposited into the Rural Microbusiness Loan Program Administrative Fund, a special fund in the State treasury, for the purpose of paying expenses related to the administration of the Rural Microbusiness Loan Program. Amends the State Finance Act to create the Rural Microbusiness Loan Program Administrative Fund. Effective immediately.Fiscal Note (Department of Commerce and Economic Opportunity) The fiscal impact of Senate Bill 15 on the Department of Commerce and Economic Opportunity is estimated to be up to $250,000 per fiscal year to make Rural Microbusiness Loans. The Department estimates that existing staff can be used to address all administrative duties associated with this new program.Senate Floor Amendment No. 1 Deletes reference to:20 ILCS 605/605-412 new30 ILCS 105/5.640 newAdds reference to:30 ILCS 750/9-4.2from Ch. 127, par. 2709-4.230 ILCS 750/9-4.2a newDeletes everything after the enacting clause. Amends the Build Illinois Act. Establishes guidelines for the Department of Commerce and Economic Opportunity in the making of loans for rural micro-businesses and requires the Department to adopt rules for the administration of those loans. Defines "rural micro-business" as any business that (i) employees 5 or fewer full-time employees, including the owner if the owner is an employee of the business, and (ii) is based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. Provides that certain direct appropriations from the General Revenue Fund by the General Assembly shall be deposited into the Illinois Capital Revolving Loan Fund. Effective immediately. 1/26/2005SenateFiled with Secretary by Sen. John M. Sullivan 1/26/2005SenateFirst Reading 1/26/2005SenateReferred to Rules 2/3/2005SenateAssigned to Agriculture & Conservation 2/16/2005SenateHeld in Agriculture & Conservation 2/17/2005SenateAdded as Chief Co-Sponsor Sen. Deanna Demuzio 2/24/2005SenateDo Pass Agriculture & Conservation; 008-000-000 2/24/2005SenatePlaced on Calendar Order of 2nd Reading March 1, 2005 2/24/2005SenateFiscal Note Requested by Sen. Dale A. Righter 2/28/2005SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg 3/3/2005SenateAdded as Co-Sponsor Sen. Martin A. Sandoval 3/3/2005SenateSponsor Removed Sen. Martin A. Sandoval 3/10/2005SenateFiscal Note Filed from the Illinois Department of Commerce and Economic Opportunity. 3/11/2005SenateAdded as Co-Sponsor Sen. Antonio Munoz 4/8/2005SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan 4/8/2005SenateSenate Floor Amendment No. 1 Referred to Rules 4/11/2005SenateAdded as Co-Sponsor Sen. Arthur J. Wilhelmi 4/11/2005SenateSecond Reading 4/11/2005SenatePlaced on Calendar Order of 3rd Reading April 12, 2005 4/11/2005SenateSenate Floor Amendment No. 1 Rules Refers to Agriculture & Conservation 4/12/2005SenateSenate Floor Amendment No. 1 Recommend Do Adopt Agriculture & Conservation; 007-000-000 4/14/2005SenateAdded as Chief Co-Sponsor Sen. Martin A. Sandoval 4/14/2005SenateRecalled to Second Reading 4/14/2005SenateSenate Floor Amendment No. 1 Adopted; J. Sullivan 4/14/2005SenatePlaced on Calendar Order of 3rd Reading 4/14/2005SenateThird Reading - Passed; 058-000-000 4/14/2005HouseArrived in House 4/14/2005HousePlaced on Calendar Order of First Reading 4/14/2005HouseChief House Sponsor Rep. Robert F. Flider 4/14/2005HouseFirst Reading 4/14/2005HouseReferred to Rules Committee 4/20/2005HouseAssigned to International Trade & Commerce Committee 4/27/2005HouseAdded Alternate Chief Co-Sponsor Rep. Daniel V. Beiser 4/27/2005HouseAdded Alternate Chief Co-Sponsor Rep. John E. Bradley 4/27/2005HouseDo Pass / Short Debate International Trade & Commerce Committee; 013-000-000 4/28/2005HousePlaced on Calendar 2nd Reading - Short Debate 4/28/2005HouseAdded Alternate Chief Co-Sponsor Rep. Kurt M. Granberg 5/3/2005HouseSecond Reading - Short Debate 5/3/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/3/2005HouseAdded Alternate Chief Co-Sponsor Rep. Lisa M. Dugan 5/3/2005HouseAdded Alternate Co-Sponsor Rep. Gary Hannig 5/4/2005HouseAdded Alternate Co-Sponsor Rep. Careen M Gordon 5/4/2005HouseThird Reading - Short Debate - Passed 112-003-000 5/4/2005SenatePassed Both Houses 5/18/2005HouseAdded Alternate Co-Sponsor Rep. Cynthia Soto 6/2/2005SenateSent to the Governor 8/1/2005SenateGovernor Approved 8/1/2005SenateEffective Date August 1, 2005 8/1/2005SenatePublic Act . . . . . . . . . 94-0392