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Illinois Statutes Chapter 30. Finance § 750/9-4.8. State Small Business Credit Initiative Fund

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 9-4.8. State Small Business Credit Initiative Fund.

(a) There is hereby created the State Small Business Credit Initiative Fund, also referred to in this Article as the “SSBCI Fund”, as a special fund in the State treasury.

The purpose of the SSBCI Fund is to finance intermediary agreements, administration, technical assistance agreements, loans, grants, or investments in Illinois. Investments, administration grants, and financial aid shall be used for the purposes set forth in this Article. Loan financing shall be in the form of loan agreements pursuant to the terms and conditions set forth in this Article. All loans shall be conditioned on the project receiving financing from participating lenders or other investors.

(b) The following amounts shall be deposited into the SSBCI Fund:

(1) all receipts, including dividends, principal and interest payments, and royalties, from any applicable loan, intermediary, or technical assistance agreement made from the SSBCI Fund or from direct appropriations from the Build Illinois Bond Fund or the General Revenue Fund by the General Assembly entered into by the Department;

(2) all proceeds of assets of whatever nature received by the Department as a result of default or delinquency with respect to a loan agreement made from the SSBCI Fund or from direct appropriations by the General Assembly, including proceeds from the sale, disposal, lease, or rental of real or personal property that the Department may receive as a result thereof;

(3) any appropriations, grants, or gifts made to the SSBCI Fund;

(4) any income received from interest on investments of moneys in the SSBCI Fund;

(5) all moneys resulting from the collection of premiums, fees charges, costs, and expenses described in subsection (e) of Section 9-3.

(c) The Treasurer may invest moneys in the SSBCI Fund in securities constituting obligations of the United States Government, or in obligations the principal of and interest on which are guaranteed by the United States Government, or in certificates of deposit of any State or national bank which are fully-secured by obligations guaranteed as to principal and interest by the United States Government.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 30. Finance § 750/9-4.8. State Small Business Credit Initiative Fund - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-30-finance/il-st-sect-30-750-9-4-8/

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