SPRINGFIELD – In order to give minority-owned, women-owned and veteran-owned businesses better opportunities, State Senator Celina Villanueva advanced a measure to allow these marginalized groups to apply for up to $2 million in loans.

“By establishing better business incentives for underrepresented populations, we encourage long-term success and sustainability in disadvantaged communities,” said Villanueva (D-Chicago). “It is important that we continue to break systemic barriers that these communities face in order to see long-lasting change.”

Senate Bill 3807 would 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.

“In prioritizing the marginalized groups that have not been properly represented in the business sector in the past, we empower entire communities,” said Villanueva. “These investments are not only a matter of social responsibility, but strategic investment in long-term vitality.”

Senate Bill 3807 passed the Senate Friday and heads to the House for further consideration.