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Illinois law creates revolving loan program for minority and women-owned construction businesses


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by Feoshia Davis on July 30, 2013

constructionloans

A new Illinois law is designed to boost growing minority and women-owned businesses that have state construction contracts.

Illinois Governor Pat Quinn signed the law July 30, and it goes into effect immediately.

The law will create the Disadvantaged Business Revolving Loan Program. Through the program, certified woman- and minority-owned businesses that have state construction contracts can apply for low-interest loans.

The state will invest $3 million in the program, according to a news release. It’s expected to be largely self-funded as borrowers pay back into the program.

The Disadvantaged Business Revolving Loan Program was established as an economic development tool for the state. Many small women- and minority-owned lack access to the capital they need to secure the bonding and capital equipment financing state construction projects require.

“Small, minority-owned firms often don’t have the necessary resources to bid on state construction projects, and this new law helps them get a foot in the door. As the loans are paid back, those funds help other firms who are in the same situation, which grows our economy and creates jobs,” the Gov. Quinn said when announcing the law.

The program comes as the state is in the midst of the $31 billion Illinois Jobs Now! program. The Quinn administration created the statewide capital construction program in 2009 to support and retain 439,000 jobs over six years.

ConnXus helps grow small, woman- and minority-owned businesses by connecting them to Fortune 2000 corporations seeking a competitive edge through supplier diversity. Learn more at connxus.com

Posted in: Financing & Capital, Supplier Diversity




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Rod Robinson

The ConnXion Point is the blog for connXus.com, an online service connecting small, minority- and woman-owned businesses with companies seeking to hire diverse suppliers.

I'm Rod Robinson, founder and chief connector of connXus.com. I've spent 15 years in the procurement business as a minority business owner, company procurement officer and industry consultant.

The ConnXion Point will focus on issues, events and news about procurement and supplier diversity. So, whether you're purchasing or selling, we'll have information you can use. We also hope to facilitate a healthy, respectful exchange of viewpoints on issues surrounding supplier diversity and procurement.

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