SPRINGFIELD, IL – A bill sponsored by Senator Mattie Hunter (D–Chicago) providing disadvantaged small businesses in Illinois loans from the Illinois Department of Transportation (IDOT) passed the Senate today.

“In the current economic environment in Illinois and across our country, small businesses are struggling to keep their heads above water,” Hunter said.  “My colleagues and I continuously work to find avenues to create jobs and sustain infrastructure in Illinois.  As a part of that effort to seek further opportunities, I have had the privilege to work with IDOT to find an avenue to aid minority- and female-owned small businesses through this new loan program.”

Senate Bill 2491 will establish the Working Capital Loan Repayment Fund to aid struggling Illinois’ minority- and female owned construction businesses in a procurement contract with IDOT.  The Fund will be able to loan up to $3 million a year over the next 10 years starting on July 1, 2012. 

 “The bottom line is that we must invest in the businesses that want to invest in our state as they are the backbone of our economy,” Hunter continued. 

Senate Bill 2491 now moves to the House for further consideration.

To read a letter from IDOT Secretary Ann L. Schneider to Senate President John Cullerton regarding this issue, please click here.