New law will help local entrepreneurs
Joliet - A new law in the Illinois aims to give veterans, minorities, women and disabled individuals the tools to launch business start-ups in Illinois.
State Senator Jennifer Bertino-Tarrant (D-Shorewood) is the sponsor of the law, Senate Bill 43, which strengthens the small business loan program that was enacted last legislative session under her leadership, was signed into law on Friday.
Senate Bill 43 ties up a technicality to allow for the administration of loans and expands upon the existing program to help encourage businesses to open up shop in communities across the state.
“Illinois’s economy relies heavily on small businesses,” Bertino-Tarrant said. “Expanding the scope of this vital loan program will help encourage small businesses to make Illinois their home.”
It will also allow the Illinois Finance Authority to administer an increase in low-interest agri-business loans.
This program will serve as a strong resource to Illinois veterans.
Nearly half of World War II veterans and 40 percent of Korean War veterans went on to own or operate a business, according to Syracuse University‘s Institute for Veterans and Military Families. But now less than seven percent of returning veterans own their own businesses, in part because veterans have fewer resources than their predecessors did.
“Our veterans have made great sacrifices to protect our country,” Bertino-Tarrant said. “It’s our duty to empower them to channel the life skills and training they received in the field as they transition back to civilian life.”
Senate Bill 43 passed the Senate and House with bipartisan support. The new law goes into effect immediately.
Bertino-Tarrant urges potential entrepreneurs to visit
www.il-fa.comhttp://www.il-fa.com to learn more about this loan program or contact her Plainfield office at (815) 254-4211 for more information.