030624KP7865SPRINGFIELD – State Senator Celina Villanueva advanced a measure that would give minority-owned, women-owned and veteran-owned businesses the opportunity to apply for up to $2 million in loans.

“Establishing better business incentives for our underrepresented populations, such as minorities, women, veterans and individuals with disabilities, helps create a more inclusive business ecosystem,” said Villanueva (D-Chicago). “This will greatly impact communities that have traditionally faced systemic barriers to entry and growth.”

Senate Bill 3807 will encourage more people to apply to the Department of Commerce and Economic Opportunity’s Minority, Veteran, Female and Disability Loan Program by increasing the maximum loan amount from $400,000 to $2 million.

“For far too long, these communities have not be properly represented in the business sector,” said Villanueva. “These investments would encourage local economic development in underserved areas.”

Senate Bill 3807 passed the Senate State Government Committee and now waits to be heard before the full Senate.