Illinois Compiled Statutes 410 ILCS 705/7-15 – Loans and grants to Social Equity Applicants
Current as of: 2024 | Check for updates
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(a) The Department of Commerce and Economic Opportunity shall establish grant and loan programs, subject to appropriations from the Cannabis Business Development Fund, for the purposes of providing financial assistance, loans, grants, and technical assistance to Social Equity Applicants.
(b) The Department of Commerce and Economic Opportunity has the power to:
(1) provide Cannabis Social Equity loans and grants
(b) The Department of Commerce and Economic Opportunity has the power to:
Terms Used In Illinois Compiled Statutes 410 ILCS 705/7-15
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) provide Cannabis Social Equity loans and grants
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from appropriations from the Cannabis Business Development Fund to assist Qualified Social Equity Applicants in gaining entry to, and successfully operating in, the State‘s regulated cannabis marketplace;
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(2) enter into agreements that set forth terms and
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conditions of the financial assistance, accept funds or grants, and engage in cooperation with private entities and agencies of State or local government to carry out the purposes of this Section;
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(3) fix, determine, charge, and collect any premiums,
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fees, charges, costs and expenses, including application fees, commitment fees, program fees, financing charges, or publication fees in connection with its activities under this Section;
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(4) coordinate assistance under these loan programs
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with activities of the Illinois Department of Financial and Professional Regulation, the Illinois Department of Agriculture, and other agencies as needed to maximize the effectiveness and efficiency of this Act;
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(5) provide staff, administration, and related
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support required to administer this Section;
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(6) take whatever actions are necessary or
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appropriate to protect the State’s interest in the event of bankruptcy, default, foreclosure, or noncompliance with the terms and conditions of financial assistance provided under this Section, including the ability to recapture funds if the recipient is found to be noncompliant with the terms and conditions of the financial assistance agreement;
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(7) establish application, notification, contract,
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and other forms, procedures, or rules deemed necessary and appropriate; and
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(8) utilize vendors or contract work to carry out the
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purposes of this Act.
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(c) Loans made under this Section:
(1) shall only be made if, in the Department’s
(1) shall only be made if, in the Department’s
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judgment, the project furthers the goals set forth in this Act; and
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(2) shall be in such principal amount and form and
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contain such terms and provisions with respect to security, insurance, reporting, delinquency charges, default remedies, and other matters as the Department shall determine appropriate to protect the public interest and to be consistent with the purposes of this Section. The terms and provisions may be less than required for similar loans not covered by this Section.
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(d) Grants made under this Section shall be awarded on a competitive and annual basis under the Grant Accountability and Transparency Act. Grants made under this Section shall further and promote the goals of this Act, including promotion of Social Equity Applicants, job training and workforce development, and technical assistance to Social Equity Applicants.
(e) Beginning January 1, 2021 and each year thereafter, the Department shall annually report to the Governor and the General Assembly on the outcomes and effectiveness of this Section that shall include the following:
(1) the number of persons or businesses receiving
(e) Beginning January 1, 2021 and each year thereafter, the Department shall annually report to the Governor and the General Assembly on the outcomes and effectiveness of this Section that shall include the following:
(1) the number of persons or businesses receiving
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financial assistance under this Section;
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(2) the amount in financial assistance awarded in the
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aggregate, in addition to the amount of loans made that are outstanding and the amount of grants awarded;
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(3) the location of the project engaged in by the
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person or business; and
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(4) if applicable, the number of new jobs and other
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forms of economic output created as a result of the financial assistance.
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(f) The Department of Commerce and Economic Opportunity shall include engagement with individuals with limited English proficiency as part of its outreach provided or targeted to attract and support Social Equity Applicants.