SPRINGFIELD – To foster local economies, encourage job creation and give mom-and-pop shops the tools to thrive, State Senator Robert Peters (D-Chicago) has sponsored a bill that would will give local businesses greater access to low-interest loans.

“Small businesses help provide jobs to our neighbors and can strengthen our district’s economy,” said Peters. “By giving a greater number of prospective business owners the chance to take out a loan, we’re helping them build and expand their businesses which will be extremely beneficial to everyone in the community.”

The measure is an initiative of the Office of Illinois State Treasurer Michael Frerichs. The legislation would give the treasurer authority to deposit state money in approved financial institutions at below-market interest rates. Those financial institutions must then use that money to provide loans for economic and community development projects at lower interest rates, stimulating business growth across the state.

Currently, the treasurer must obtain the governor’s approval for these investments, which can cause impractical delays in a fast-paced financial market.

“This measure would streamline the investment process and provide help to entrepreneurs who might not otherwise have had access to a loan,” said Peters. “When we invest in small businesses, our neighborhoods benefit.”

Senate Bill 2968 passed the Senate Financial Institutions Committee Wednesday and will now be sent to the full Senate for consideration.

SPRINGFIELD – The Trump administration announced Thursday its intention to overhaul Medicaid funding. In response, State Senator Robert Peters (D-Chicago), fearing for the wellbeing of the millions of people who rely on Medicaid to receive health care, released the following statement:

“Donald Trump is once again showing how out of touch he is by proposing cuts to a program that an overwhelming majority of Americans support. This is yet another attack by the president against the most vulnerable people in our communities.”

Under current federal law, states are reimbursed a set percentage for Medicaid spending by the federal government based on per-capita income. The announced plan gives states the option to receive Medicaid funding as a set amount in one lump sum irrespective of how much they actually spend in a given fiscal year.

CHICAGO – State Senator Robert Peters (D-Chicago) announced Wednesday that the Chicago Park district will receive a $625,000 grant to reconstruct Jackson Park.

“Jackson Park is an essential part of our community, and it has needed maintenance for some time,” Peters said. “I’m glad the Chicago Park District will receive the funds it needs to give Jackson Park the renovations that the people in our neighborhood who use it deserve.”

The grant will be provided as part of the Open Space Land Acquisition and Development program administered by the Illinois Department of Natural Resources, which will fund nearly $30 million for Illinois park projects in 2020.

More information about Jackson Park can be found here.

SPRINGFIELD – State Senator Robert Peters (D-Chicago) joined his Senate colleagues in electing Don Harmon to be the new Illinois Senate President on Sunday.

“The new leadership under President Harmon will provide a fresh opportunity to reimagine safety and justice in our community,” Peters said. “In 2019, we passed several major criminal justice reforms, but the way I see it, that was only the beginning. There’s a lot more work to be done, and I’m confident that President Harmon will be a strong ally in that fight.”

Peters thanked former President John J. Cullerton, who provided leadership and advice during Peters’ first year in the Senate.

“I only worked with President Cullerton as colleagues for a year, but despite that short time he proved to be a very effective mentor,” Peters said. “I’ll always be grateful to him for what he was able to teach me, and for the things he was able to help me achieve to help the folks in my community.”

President Harmon replaces Cullerton, who announced during a caucus meeting in November that he would be stepping down at the start of the 2020 session.