Villanueva law to increase business loan opportunities for underserved communities

SPRINGFIELD - State Senator Celina Villanueva's measure to allow minority-owned, women-owned and veteran-owned businesses to apply for up to $2 million in loans was signed into law Friday.

"We must continue to uplift disadvantaged communities and provide them with greater opportunities to succeed," said Villanueva (D-Chicago). "These businesses are the backbones of their communities - and to see minority, women, and veteran-owned businesses thrive means hope is on the horizon."

Senate Bill 3807 encourages 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.

"Businesses owned by marginalized groups are typically in underserved communities and empowering these business owners means uplifting entire communities," said Villanueva. "This law is a strategic investment to offer underrepresented communities long-term vitality."

Senate Bill 3807 was signed into law Friday and goes into effect Jan. 1, 2025.