Harper Passes Legislation to Invest in Communities of Color

SPRINGFIELD, Ill. – State Rep. Sonya Harper, D-Chicago, passed a bill that would allow the State Treasurer’s office to use investment earnings to guarantee small business and consumer loans in communities of color and low income communities.

“The ongoing COVID-19 pandemic both highlights and heightens the economic disparities low income communities and communities of color face every day,” said Harper. “This bill is another step towards lessening these disparities and providing financial assistance to those who need it most.”

House Bill 5052 is a follow up to the Community Development Loan Guarantee Act which was passed as a part of the Illinois Legislative Black Caucus (ILBC) economic equity pillar. The Act established a Loan Guarantee Program that allows the Treasurer to use investment earnings to guarantee small business and consumer loans in communities of color and low-income communities. House Bill 5052 helps streamline the administration of the program and protects state funds from abuse and mismanagement.

“This bill is a continuation of the Illinois Legislative Black Caucus’ fight for economic equity for communities of color,” said Harper. “I thank my colleagues in the ILBC and the Democratic Caucus for their support of this bill.”

House Bill 5052 passed the Illinois House of Representatives on Tuesday, March 1, and now awaits consideration by the Senate.