Veterans

SPRINGFIELD, IL –State Sen. Linda Holmes (D-Aurora) has introduced multiple bills during this legislative session that provide tax relief to businesses throughout Illinois. One of these bills designed to assist veterans, was passed out of the Senate this week.

Senate Bill 3817 will assist small businesses owned and operated by veterans. Under Holmes’ bill the Department of Commerce and Economic Opportunity (DCEO) will make loans to veteran-owned small businesses, in the same manner as they do with minority-owned, female-owned and disabled-owned small businesses. This designation will fall under DCEO’s Minority, Women, and Disabled Participation Loan Program. The program will provide loans up to $50,000 or 50% of the total business project through the Build Illinois Bond Act.