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updated: 7/30/2013 4:17 PM

Quinn signs bill for new Illinois loan program

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Associated Press

Women- and minority-owned businesses that do state construction projects can now apply for low-interest loans through a new state program.

Gov. Pat Quinn signed a bill Tuesday that creates the Disadvantaged Business Revolving Loan Program. It allows the Illinois Department of Transportation to make the loans to businesses that have contracts with the state.

The law takes effect immediately.

The state will put in $3 million to get it started. Officials expect the program to become self-funded eventually.

Quinn says women- and minority-owned businesses don't always have the resources to bid on state projects. For more, visit www.ilga.gov.

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