State Senator Napoleon Harris (D-Harvey) recently introduced legislation to establish a Black Wall Street Program to accelerate the growth of Black businesses in Illinois. | Facebook
State Senator Napoleon Harris (D-Harvey) recently introduced legislation to establish a Black Wall Street Program to accelerate the growth of Black businesses in Illinois. | Facebook
State Senator Napoleon Harris III (D-Harvey) recently introduced legislation to establish a Black Wall Street Program to accelerate the growth of Black businesses in Illinois, according to a press release.
The legislation, House Bill 1960 (HB 1960), would mandate the Illinois Department of Commerce and Economic Opportunity (DCEO) to establish and regulate the program to facilitate the expansion of Black businesses in underserved communities throughout the state.
"We can reduce the challenges Black businesses face by providing access to resources that help them develop," Harris stated in a Facebook post. "Supporting Black businesses helps not just the businesses, but the entire community that surrounds them."
The bill authorizes the DCEO to provide loans and financial aid to municipalities that have established Black Wall Street Districts; it also mandates the creation of a database of Black contractors and engineers, as well as a Black Wall Street Investment Hub.
This hub would also provide services to Black-owned businesses and individuals in established Black Wall Street commercial districts, such as assistance with construction expenses, business strategies, and other services that would help these businesses succeed.
HB 1960 has been approved by the Senate Executive Committee and will now proceed to the Senate floor for further consideration.
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