CHICAGO (AP) — Illinois Gov. Pat Quinn has signed a new law to establish a loan program that will help minorities and women get state construction projects.
Quinn signed the measure on Tuesday. He said small, minority-owned firms often don't have the resources to bid on state construction projects.
The bill was sponsored by Rep. William Davis of Homewood and Sen. Mattie Hunter of Chicago.
The new Disadvantaged Business Revolving Loan Program allows the Illinois Department of Transportation to make low-interest loans to certified minority- and female-owned businesses that have construction contracts with the agency.
Quinn says many of the firms are small and can't get the lines of credit needed for bonding and capital equipment financing needed for state construction projects.