summary
Introduced
01/27/2025
01/27/2025
In Committee
03/21/2025
03/21/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are disbursed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.
AI Summary
This bill establishes the Black Wall Street Program Act, a comprehensive initiative designed to support economic development in predominantly African American communities in Illinois. The program will provide $5,000,000 loans to municipalities with at least 70% African American population to create Black Wall Street Business Districts, with eight specific municipalities initially receiving funding, including Harvey, Dolton, and Chicago. Each participating municipality must establish a Black Wall Street Investment Board to administer the funds, which will be used to provide loans and support to qualified African American business entities for establishing and developing businesses within these designated districts. The Department of Commerce and Economic Opportunity will create a public database of qualified African American contractors and engineers and develop a Black Wall Street Investment Hub to offer additional support services like microloans, business planning assistance, training, and development resources. The bill also creates a special Black Wall Street Fund in the state treasury to support program administration, with the goal of fostering economic growth, entrepreneurship, and business development in African American communities. The program is designed to be implemented annually, with no more than 10 municipalities selected each year, and will be subject to specific procurement and legal requirements.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/21/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1775&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB1775.htm |
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