Majority Caucus Whip State Senator Mattie Hunter (D-Chicago) has worked over the last four years to create a program that would help to alleviate disparities in the construction industry. On Tuesday, the Governor will sign legislation that establishes a working capital revolving loan fund for disadvantaged business enterprises that have been awarded a current contract to complete construction work with the Illinois Department of Transportation (IDOT).
"I have worked tirelessly to create a state financing program that will level the playing field for all businesses by providing working capital to contractors who are shut out by the banks but, are qualified to successfully complete state construction projects," Hunter said. "A subcontractor's inability to attain lines of credit severely hinders them from attaining bonding or becoming prime contractors. This legislation works to eliminate one of the major barriers to meeting those goals."
Hunter stated that the legislation allows IDOT to provide low-interest loans from the established Working Capital Revolving Loan Fund to minority and disadvantaged business enterprise contractors. The program includes a funds control agent component that will safeguard the state's interest and, provide management support to an approved applicant.
"This is an enormous step forward for small business contractors who have consistently been at a disadvantage for contract bids as a result of not being able to secure sufficient start-up resources," Hunter continued. "With the support of my colleagues who worked with me to pass this initiative, including Representative William Davis, the House sponsor and Representative La Shawn Ford, the House sponsor of this initiative in the previous general assembly, Governor Quinn, business leaders and contractors who work in the community, I am proud that we are finally realizing this much needed progress for Illinois and its diverse economic stakeholders."
HB 3267 is scheduled to be signed by Governor Pat Quinn on Tuesday, July 30, at the Dawson Technical Institute of Kennedy-King College at 3901 South State Street, Chicago, Illinois at 10 a.m.
