April 1, 2025 - IL State Representative Hoan Huynh and Alderwoman Leni Manaa-Hoppenworth Announce Honorary Street Naming for Community Leader Tai Nham Chung
CHICAGO, IL - On Saturday, April 5th, 2025 at 11:00 a.m., State Representative Hoan Huynh (IL-13) and 48th Ward Alderwoman Leni Manaa-Hoppenworth will unveil an honorary street named for Tai Nham Chung, a pivotal figure in the local Uptown Community. Media representatives and press are invited to join.
When:
Saturday, April 5, 2025
11:00 a.m.
Where:
1142 W. Argyle St.
Chicago, IL 60640
(On the corner of Broadway and Argyle)
About Tai Nham Chung:
Tai Nham Chung was a key figure in the transformation and revitalization of the “Asia on Argyle” community area of the Uptown neighborhood in the 1980s. After resettling in Chicago after the Fall of Saigon, he eventually helped to open Viet Hoa Grocery Store on Argyle Street, a staple for other local immigrants and refugees from Southeast Asia. He also served as the Board Chairman of both the Chinese Mutual Aid Association and the Mid America Chinese American Senior Citizens Association and played a vital role in establishing the International Buddhist Temple in Chinatown as well as ensuring those in the Chinese community had access to a final resting place with a plot at Rosehill Cemetery.
Passed by the City Council, an ordinance establishing 1142 to 1102 W. Argyle St. as “Tai Nham Chung Way” took effect on January 15, 2025. The street is symbolically placed in a historically significant Southeast Asian corridor known as “Asia on Argyle”.
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State Representative Hoan Huynh and Alderwoman Leni Manaa-Hoppenworth are the first Asian American representatives in Chicago’s North Side history. Both elected officials represent the most diverse neighborhoods and communities in the city, including Uptown’s Asia on Argyle street.
February 14, 2025 - Rep. Hoan Huynh Leads Charge for Consumer Protection with HB2782 to Ensure Fair Ticketing Practices
SPRINGFIELD, IL. – As consumers continue to face price gouging, deceptive fees, and unfair ticketing practices, State Representative Hoan Huynh (D-Chicago) is championing House Bill 2782 (HB2782) to ensure fairness, transparency, and access for Illinois consumers.
“Fans shouldn’t have to fight against bots, hidden fees, and price manipulations just to attend an event,” said Rep. Huynh. “The current ticketing system benefits a few at the expense of everyday consumers. HB2782 is about putting power back into the hands of the people—ensuring fair access to events and protecting buyers from exploitative practices.”
HB2782 introduces critical safeguards against speculative ticket resales, deceptive pricing, and predatory ticketing practices that have plagued major live events in recent years. The legislation seeks to:
• Prohibit the resale of tickets before they are officially released to the public.
• Increase transparency by requiring all fees to be disclosed upfront.
• Crack down on the use of automated bots that buy up tickets and drive up prices for real fans.
• Strengthen consumer rights and protections in the secondary ticket market.
The bill has garnered support from consumer advocacy groups, music fans, and lawmakers determined to take on unchecked ticketing giants that have long controlled the market.
“We’ve seen time and again how unfair ticketing practices shut out true fans and create an artificial marketplace that prioritizes profit over people,” Rep. Huynh added. “Illinois can and should be a leader in protecting consumers from these exploitative tactics.”
As HB2782 moves through the legislative process, Rep. Huynh encourages Illinois residents to join the fight for fair ticketing by voicing their support. “This bill isn’t just about concerts—it’s about making sure consumers have a fair shot at experiencing cultural, sports, and entertainment events without being priced out or scammed.”
August 28, 2024 - Speaker Welch Announces Creation of Public Transit Working Group
SPRINGFIELD, IL. – Speaker Emanuel “Chris” Welch announced Wednesday the creation of a new House working group designed to look more closely at Illinois’ public transit system and provide recommendations on how it can better serve the communities that rely on it.
“We have a real opportunity to not only improve our public transit system but transform it into a world-class system our communities can depend on,” said Speaker Welch. “As we approach some important budget conversations surrounding public transit, we must also discuss how we can make it safer, more reliable and accessible, and environmentally conscious.
“We’ve had incredible success with our previous working groups, and I’m confident this dynamic and diverse group of lawmakers will produce the same results.” Speaker Welch has selected Reps. Kam Buckner and Eva-Dina Delgado to lead the Public Transit Working Group. Their passion and knowledge of the public transportation system will be an integral part of future discussions. Committed to a collaborative process, Reps. Buckner and Delgado will engage all stakeholders, review any current proposals, and foster new ideas and solutions to strengthen the existing transit system.
“A high-quality and affordable public transportation system doesn’t just efficiently meet the needs of the community it serves, it also provides significant economic and health benefits, reduces congestion on our roadways, and allows the freedom of mobility to everyone,” said Rep. Kam Bucker (D-Chicago). “That’s exactly what the Chicagoland area deserves and it’s one I will be advocating for as we begin this collaborative work. We know we’ll be having important conversations surrounding investments and budgetary pressures, but we must use this as an opportunity to reimagine what our public transit system can be.”
“I have a bold vision for the future of our public transit system,” said Rep. Eva-Dina Delgado (D-Chicago). “With this working group and any future legislation, my hope is to make strides to achieve a regional transit system that our communities deserve, one that is seamless, equitable and rider-centered. I want people to choose transit first. In order to do that, we must ensure our transit system is safe, reliable, affordable, easy to navigate, and accessible. I look forward to thoughtful discussions and building a stronger and better system, alongside my colleagues and stakeholders.”
Members of the Public Transit Working Group include:
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Rep. Dagmara Avelar
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Rep. Diane Blair-Sherlock
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Rep. Mary Beth Canty
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Rep. William “Will” Davis
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Rep. Mary Gill
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Rep. Matt Hanson
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Rep. Barbara Hernandez
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Rep. Hoan Huynh
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Rep. Natalie Manley
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Rep. Rita Mayfield
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Rep. Anna Moeller
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Rep. Yolanda Morris
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Rep. Marty Moylan
May 23, 2024 - Legislation Waiving Transcript Evaluation Fees for Iraqi, Afghan Refugees Passes Both Chambers of Illinois General Assembly
SPRINGFIELD, IL – Refugees from Iraq and Afghanistan may soon receive expanded access to education in Illinois thanks to a new measure passed by the Illinois General Assembly. Legislation sponsored by State Senator Mike Porfirio (IL-11) and State Representative Hoan Huynh (IL-13) would waive transcript evaluation fees for refugees applying for public higher education institutions across Illinois.
Evaluation and assessment of foreign transcripts are a standard part of the admission process for higher education institutions, with some colleges and universities requiring applicants with foreign transcripts to pay evaluation fees, typically exceeding $100, to external vendors. These evaluations are used to establish a U.S.-equivalent GPA, verify the accreditation of the foreign schools, and benchmark completed coursework to determine if the applicant has met the prerequisite requirements for their intended program. The proposed legislation would waive these transcript fees for Iraqi and Afghan refugees.
In sponsoring this bill, Porfirio and Huynh both aim to reduce barriers to higher education for refugees and recognize the dedication and sacrifice that Iraqi and Afghan individuals have shown while serving side-by-side with the U.S. Armed Forces.
As a veteran, Porfirio served alongside interpreters while conducting security operations for the Iraqi oil platforms during Operation Iraqi Freedom and with a team of Afghan interpreters while serving as a police advisor with the Afghan National Police during the war in Afghanistan.
“As a nation, it is our moral obligation to support those who have served shoulder to shoulder with us in the hopes of achieving a better future,” said Porfirio. “Removing the financial barriers to education for refugees will help fulfill this obligation and foster a more inclusive and diverse learning environment.”
Huynh, the first refugee to be elected to the Illinois General Assembly, left Vietnam for the United States with his family to escape retaliation after his father fought for freedom alongside American forces during the Vietnam War.
“I personally understand the hardships that refugee families face when it comes to access to education,” said Huynh. “It is imperative to me that we recognize the valuable contributions that refugees bring to our communities and make it easier for them to pursue an education should they aspire to do so.”
Senate Bill 2690 passed the House on Wednesday evening and now advances to Governor Pritzker for final approval.
May 2, 2024 - Illinois Asian American Legislative Caucus Launches Illinois Asian American Legislative Caucus Foundation
SPRINGFIELD, IL – Members of the Illinois Asian American Legislative Caucus, in partnership with the Illinois Legislative Latino Caucus Foundation, announce the launch of the Illinois Asian American Legislative Caucus Foundation (“IAALCF”), a nonpartisan Illinois not-for-profit organization.
The mission of the IAALCF is to serve as a strong and vital organization with the ability to shape public policy and advocacy for legislative issues with significant impact in the Asian American, Native Hawaiian, and Pacific Islander (“AANHPI”) communities, advocate for equitable representation in government, public policy, and nonprofit sectors, and build a pipeline of young leaders by providing resources necessary to succeed in public service and government.
The foundation plans to launch a college scholarship program and facilitate other career development programming, including workshops and internships across different government and nonprofit sectors. This will further the goal of promoting diversity and inclusiveness in public service to ensure representation that reflects Illinois’s changing demographics.
Founding members of the IAALCF include Co-Chairs Majority Conference Chair Theresa Mah (IL-24) and State Senator Ram Villivalam (IL-8); Representative Hoan Huynh (IL-13); Representative Kevin Olickal (IL-16); Representative Abdelnasser Rashid (IL-21); Representative Sharon Chung (IL-91); Representative Nabeela Syed (IL-51); Representative Jennifer Gong-Gershowitz (IL-17); and Representative Janet Yang Rohr (IL-41).
For more information, please visit: https://www.iaalcf.org/.
Feb 2, 2024 - Illinois State Representative Hoan Huynh and 48th Ward Alderwoman Leni Manaa-Hoppenworth to host first-of-its-kind Lunar New Year Luncheon
CHICAGO - State Representative Hoan Huynh (IL-13) and 48th Ward Alderwoman Leni Manaa-Hoppenworth will host Illinois’ 13th House District’s First Annual Lunar New Year Luncheon at Hon Kee BBQ & Seafood Restaurant (5009 N. Winthrop Ave., Chicago, IL 60640) on Saturday, February 24, 2024 from 12-3 p.m. Special guests include Illinois Secretary of State Alexi Giannoulias, Illinois State Comptroller Susana Mendoza, Illinois Senator Ram Villivalam (IL-8), State Representative Kevin Olickal (IL-16), 40th Ward Alderperson Andre Vasquez, and 46th Ward Committeeperson Sean Tenner.
Elected officials and special guests will give Lunar New Year remarks at Saturday’s event. Live dance performances from the Chinese Mutual Aid Association’s youth program will also take place. Attendees include various Asian Uptown organizations and members, as well as asylum seeker families from Edgewater’s Broadway Armory. This event is the first of its kind for Chicago, and will bring together Asian American communities and recent asylum seekers for the first time to wish all a happy Lunar New Year and celebrate the holiday.
In the 2024 Illinois legislative session, State Representative Hoan Huynh introduced House Resolution 590, which recognizes the cultural and historical significance of the Lunar New Year holiday. Representative Huynh also filed House Bill 5576 this month, which aims to make Lunar New Year an observed state holiday.
State Representative Hoan Huynh and Alderwoman Leni Manaa-Hoppenworth are the first Asian American representatives in Chicago’s North Side history. Both elected officials represent the most diverse neighborhoods and communities in the city, including Uptown’s Asia on Argyle street. We invite media representatives and press to join us for what promises to be an impactful event.
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State Representative Hoan Huynh represents the people of Illinois' 13th State House District, covering North Side Chicago and the lakefronts (includes Uptown, Andersonville, Buena Park, Sheridan Park, Ravenswood, Wrigleyville, Lake View, Southport, Lincoln Square, Bowmanville, Winnemac, Arcadia Terrace, Budlong Woods, and West Ridge). Representative Huynh is the first Vietnamese American elected in Illinois' state history of 204 years and the first refugee elected in Illinois.
Alderwoman Leni Manaa-Hoppenworth represents Chicago’s 48th Ward, which includes parts of Andersonville, Edgewater, and Uptown — since May 2023. She is the first queer Asian American woman to sit on the Chicago City Council as well as the first Filipina to serve in it since its creation.
Dec 8, 2023 - Town Hall Meeting Highlights Small Businesses' Post-Pandemic Challenges
CHICAGO - Local business owners and community members shared their experiences with navigating a challenging post-pandemic economic environment at a Town Hall yesterday hosted by State Representative Hoan Huynh (IL-13) and Woodstock Institute, a non-profit dedicated to advancing racial equity and economic justice within financial systems.
Small businesses play an important role in creating economic opportunities within communities, but many owners struggle to access traditional bank loans. Instead, they are forced to either use their personal savings or to turn to more costly forms of credit, including credit cards and high-interest online loans. Because the nonbank small business lenders originating many of these loans are not required to be licensed nor are they required to disclose the annual percentage rate (APR) of their loans, their borrowers run a greater risk of finding themselves the victim of predatory lending practices.
"Small businesses are an essential part of our community, and by supporting them we are investing in the success and vitality of our state for all. I hope we can come together at this town hall to address the needs and concerns of our small businesses and discuss further how we can protect them," said Rep. Huynh.
“As a small business owner, especially in the healthcare field that is dominated by larger corporations, the route for financing is often to access personal lending options. Most institutions do not lend to businesses with less than 3 years of experience, which is why it is extremely helpful to have local Chicago and state organizations working to connect businesses with grants and low interest rate loans for entrepreneurs,” said Dr. Karina Fulton, an optometrist and founder of Willow Vision Health, an eye care office in Lincoln Square.
Lower-income communities and communities of color in particular face an uphill battle acquiring safe and affordable forms of small business financing. Woodstock Institute’s Patterns of Disparity: Small Business Lending in Illinois found that over a three-year period businesses located in low-to-moderate income (LMI) census tracts received only 19.3% of bank loans under $100,000 despite making up 27.0% of all Illinois businesses. Making up this deficit would require 46,648 more loans totalling $618 million.
“Research consistently finds that small business lending by banks goes down as the percentage of Black, Brown, or low-income residents goes up. These disparities in access to safe and affordable credit continue to exacerbate our country’s racial wealth gaps by making these communities more vulnerable to predatory lending by unregulated online lenders,” said Brent Adams, Senior Vice President of Policy and Advocacy at Woodstock Institute. Adams is also the former chief financial regulator for the State of Illinois (2009-2012).
Presenters also discussed current efforts to aid small businesses such as the Back to Business New Grant Program and HB3064, the Small Business Truth in Lending Act.
HB3064 is championed by Rep. Huynh and a coalition of groups that seek to establish a regulatory framework in Illinois for "nonbank" lenders to small businesses based on a Small Business Borrowers Bill of Rights (BBOR). The BBOR has six core principles, including the right to transparent pricing and terms (including the loan’s APR), the right to non-abusive products, the right to inclusive credit access, and the right to fair debt collection practices.
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Woodstock Institute is a leading nonprofit organization dedicated to advancing economic justice and racial equity within financial systems through research and advocacy at the local, state, and national levels.
State Representative Hoan Huynh represents the people of Illinois' 13th State House District, covering Northside Chicago and the lakefronts (includes Uptown, Andersonville, Buena Park, Sheridan Park, Ravenswood, Wrigleyville, Lake View, Southport, Lincoln Square, Bowmanville, Winnemac, Arcadia Terrace, Budlong Woods, and West Ridge).
Apr 28, 2023 - State Representative Hoan Huynh Introduces House Resolution 233: 48th Year Anniversary of Fall of Saigon Remembrance Day and Recognition of Contributions of Vietnamese American Community in Illinois
CHICAGO, IL – On Thursday, April 27, 2023, State Representative Hoan Huynh introduced House Resolution 233 in remembrance of the 48TH year anniversary of the Fall of Saigon on April 30, 1975. On this day, the Republic of Vietnam, popularly known as South Vietnam, worked with the United States to organize the largest helicopter evacuation in history from the United States Embassy in Saigon, helping over 7,000 people leave within 24 hours. Further operations that year helped approximately 125,000 Vietnamese refugees leave their country and the eventual creation of a refugee program with the United Nations to assist over 500,000 Vietnamese refugees to resettle in the United States. Vietnamese American communities annually commemorate the Fall of Saigon, known as “Black April,” to recognize the sacrifices of those in their communities who fought in defense of the ideals of democracy, freedom, and human rights.
State Representative Hoan Huynh, the first refugee and the first Vietnamese American to be elected to public office in Illinois state history of 204 years and in the Midwest, honors the contributions of Vietnamese and Vietnamese Americans to the United States and recognizes Illinois’ own vibrant Vietnamese American community, over 40,000 strong, many of whom reside in a “Little Saigon” neighborhood on Argyle Street in Chicago’s Uptown area in the 13th State House District.
Representative Huynh will speak this weekend at various Fall of Saigon Remembrance events, including the following:
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Saturday April 29, 2023: Vietnamese Veterans Association (5110 N Broadway, Chicago, IL 60640) 11AM – 2PM
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Saturday April 29, 2023: American Legion #974 (9757 W. Pacific Avenue, Franklin Park, IL 60131) at 11AM – 2PM
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Sunday, April 30, 2023: Vietnamese American Community of Illinois (5917 N. Broadway, Chicago IL 60660): 12pm – 4PM
Representative Huynh will present House Resolution 233 of the 103rd General Assembly to the following organizations for their contributions to the rich diversity of the state of Illinois.
Small businesses play an important role in creating economic opportunities within communities, but many owners struggle to access traditional bank loans. Instead, they are forced to either use their personal savings or to turn to more costly forms of credit, including credit cards and high-interest online loans. Because the nonbank small business lenders originating many of these loans are not required to be licensed nor are they required to disclose the annual percentage rate (APR) of their loans, their borrowers run a greater risk of finding themselves the victim of predatory lending practices.
"Small businesses are an essential part of our community, and by supporting them we are investing in the success and vitality of our state for all. I hope we can come together at this town hall to address the needs and concerns of our small businesses and discuss further how we can protect them," said Rep. Huynh.
“As a small business owner, especially in the healthcare field that is dominated by larger corporations, the route for financing is often to access personal lending options. Most institutions do not lend to businesses with less than 3 years of experience, which is why it is extremely helpful to have local Chicago and state organizations working to connect businesses with grants and low interest rate loans for entrepreneurs,” said Dr. Karina Fulton, an optometrist and founder of Willow Vision Health, an eye care office in Lincoln Square.
Lower-income communities and communities of color in particular face an uphill battle acquiring safe and affordable forms of small business financing. Woodstock Institute’s Patterns of Disparity: Small Business Lending in Illinois found that over a three-year period businesses located in low-to-moderate income (LMI) census tracts received only 19.3% of bank loans under $100,000 despite making up 27.0% of all Illinois businesses. Making up this deficit would require 46,648 more loans totalling $618 million.
“Research consistently finds that small business lending by banks goes down as the percentage of Black, Brown, or low-income residents goes up. These disparities in access to safe and affordable credit continue to exacerbate our country’s racial wealth gaps by making these communities more vulnerable to predatory lending by unregulated online lenders,” said Brent Adams, Senior Vice President of Policy and Advocacy at Woodstock Institute. Adams is also the former chief financial regulator for the State of Illinois (2009-2012).
Presenters also discussed current efforts to aid small businesses such as the Back to Business New Grant Program and HB3064, the Small Business Truth in Lending Act.
HB3064 is championed by Rep. Huynh and a coalition of groups that seek to establish a regulatory framework in Illinois for "nonbank" lenders to small businesses based on a Small Business Borrowers Bill of Rights (BBOR). The BBOR has six core principles, including the right to transparent pricing and terms (including the loan’s APR), the right to non-abusive products, the right to inclusive credit access, and the right to fair debt collection practices.
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Woodstock Institute is a leading nonprofit organization dedicated to advancing economic justice and racial equity within financial systems through research and advocacy at the local, state, and national levels.
State Representative Hoan Huynh represents the people of Illinois' 13th State House District, covering Northside Chicago and the lakefronts (includes Uptown, Andersonville, Buena Park, Sheridan Park, Ravenswood, Wrigleyville, Lake View, Southport, Lincoln Square, Bowmanville, Winnemac, Arcadia Terrace, Budlong Woods, and West Ridge).
Mar 22, 2023 - State Representatives Stephanie Kifowit and Hoan Huynh to Honor Vietnam Veterans
SPRINGFIELD, Ill. – State Representatives Stephanie Kifowit, D-Oswego, and Hoan Huynh, D-Chicago, are inviting Vietnam War Veterans to come and be recognized in the gallery of the Illinois House of Representatives on Wednesday, March 29th by House Resolution 104. House Resolution 104 officially designates March 29, 2023 as Welcome Home Vietnam Veterans Day in the State of Illinois.
“We need to always strive to give the proper recognition to our Vietnam Veterans to make up for the disrespectful way they were treated upon their return home after serving bravely and faithfully for our Country” stated Kifowit, the only female Veteran in the General Assembly. “I am honored to be able to call many Vietnam Veterans my friends”.
This year, Representative Kifowit is joined by Representative Hoan Huynh in Welcoming Home our Vietnam Veterans by the Illinois House of Representatives. Representative Huynh, the first Illinois House Representative of Vietnamese ancestry and from a Vietnam War refugee background, is also encouraging members of the Vietnamese community who served with American Servicemembers in the South Vietnamese Military to also come and be recognized in the Illinois House gallery.
“I am proud to be the son of a South Vietnamese military officer, who served bravely alongside our American Veterans in the Vietnam War and I welcome members of the Army Republic of Vietnam (ARVN) to come and be recognized alongside the American Veterans they served with. Almost a million members of the South Vietnamese Military served proudly beside the United States Military during the 20-year war in Vietnam,” stated Huynh. “After the fall of Saigon, hundreds of thousands of Army Republic of Vietnam (ARVN) soldiers were sent to concentration camps and perished by the new totalitarian government. Few of the brave soldiers who served received political asylum to the United States and settled in Illinois to have an opportunity for a better life without persecution”.
In 1965, United States Armed Forces ground combat units arrived in Vietnam, and by the end of that year, there were 80,000 United States troops in Vietnam with a peak of approximately 500,000 troops in 1969. More than 58,000 members of the United States Armed Forces lost their lives in Vietnam, and more than 300,000 members were wounded. The Vietnam War Veterans Recognition Act of 2017 by the United States Congress officially recognizes March 29th as the day when the last combat troops were withdrawn from Vietnam in 1973.
This year, March 29, 2023 marks the 50th Anniversary of this withdrawal and throughout these 50 years, Veterans of the Vietnam War faithfully have served and contributed to their communities since returning home. House Resolution 104 will be voted on during the regular session of the Illinois House on March 29, 2023 and the expected start of session is 12:00 (noon) but attendees are to arrive early to allow for security entrance.
Jan 13, 2023 - Economic Opportunity and Protecting Reproductive Healthcare, LGBTQ+, and Immigrant/Refugee Rights Among Top Priorities for New Rep. Hoan Huynh
CHICAGO, IL – On Thursday, April 27, 2023, State Representative Hoan Huynh introduced House Resolution 233 in remembrance of the 48TH year anniversary of the Fall of Saigon on April 30, 1975. On this day, the Republic of Vietnam, popularly known as South Vietnam, worked with the United States to organize the largest helicopter evacuation in history from the United States Embassy in Saigon, helping over 7,000 people leave within 24 hours. Further operations that year helped approximately 125,000 Vietnamese refugees leave their country and the eventual creation of a refugee program with the United Nations to assist over 500,000 Vietnamese refugees to resettle in the United States. Vietnamese American communities annually commemorate the Fall of Saigon, known as “Black April,” to recognize the sacrifices of those in their communities who fought in defense of the ideals of democracy, freedom, and human rights.
State Representative Hoan Huynh, the first refugee and the first Vietnamese American to be elected to public office in Illinois state history of 204 years and in the Midwest, honors the contributions of Vietnamese and Vietnamese Americans to the United States and recognizes Illinois’ own vibrant Vietnamese American community, over 40,000 strong, many of whom reside in a “Little Saigon” neighborhood on Argyle Street in Chicago’s Uptown area in the 13th State House District.
Representative Huynh will speak this weekend at various Fall of Saigon Remembrance events, including the following:
-
Saturday April 29, 2023: Vietnamese Veterans Association (5110 N Broadway, Chicago, IL 60640) 11AM – 2PM
-
Saturday April 29, 2023: American Legion #974 (9757 W. Pacific Avenue, Franklin Park, IL 60131) at 11AM – 2PM
-
Sunday, April 30, 2023: Vietnamese American Community of Illinois (5917 N. Broadway, Chicago IL 60660): 12pm – 4PM
Representative Huynh will present House Resolution 233 of the 103rd General Assembly to the following organizations for their contributions to the rich diversity of the state of Illinois.
Small businesses play an important role in creating economic opportunities within communities, but many owners struggle to access traditional bank loans. Instead, they are forced to either use their personal savings or to turn to more costly forms of credit, including credit cards and high-interest online loans. Because the nonbank small business lenders originating many of these loans are not required to be licensed nor are they required to disclose the annual percentage rate (APR) of their loans, their borrowers run a greater risk of finding themselves the victim of predatory lending practices.
"Small businesses are an essential part of our community, and by supporting them we are investing in the success and vitality of our state for all. I hope we can come together at this town hall to address the needs and concerns of our small businesses and discuss further how we can protect them," said Rep. Huynh.
“As a small business owner, especially in the healthcare field that is dominated by larger corporations, the route for financing is often to access personal lending options. Most institutions do not lend to businesses with less than 3 years of experience, which is why it is extremely helpful to have local Chicago and state organizations working to connect businesses with grants and low interest rate loans for entrepreneurs,” said Dr. Karina Fulton, an optometrist and founder of Willow Vision Health, an eye care office in Lincoln Square.
Lower-income communities and communities of color in particular face an uphill battle acquiring safe and affordable forms of small business financing. Woodstock Institute’s Patterns of Disparity: Small Business Lending in Illinois found that over a three-year period businesses located in low-to-moderate income (LMI) census tracts received only 19.3% of bank loans under $100,000 despite making up 27.0% of all Illinois businesses. Making up this deficit would require 46,648 more loans totalling $618 million.
“Research consistently finds that small business lending by banks goes down as the percentage of Black, Brown, or low-income residents goes up. These disparities in access to safe and affordable credit continue to exacerbate our country’s racial wealth gaps by making these communities more vulnerable to predatory lending by unregulated online lenders,” said Brent Adams, Senior Vice President of Policy and Advocacy at Woodstock Institute. Adams is also the former chief financial regulator for the State of Illinois (2009-2012).
Presenters also discussed current efforts to aid small businesses such as the Back to Business New Grant Program and HB3064, the Small Business Truth in Lending Act.
HB3064 is championed by Rep. Huynh and a coalition of groups that seek to establish a regulatory framework in Illinois for "nonbank" lenders to small businesses based on a Small Business Borrowers Bill of Rights (BBOR). The BBOR has six core principles, including the right to transparent pricing and terms (including the loan’s APR), the right to non-abusive products, the right to inclusive credit access, and the right to fair debt collection practices.
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Woodstock Institute is a leading nonprofit organization dedicated to advancing economic justice and racial equity within financial systems through research and advocacy at the local, state, and national levels.
State Representative Hoan Huynh represents the people of Illinois' 13th State House District, covering Northside Chicago and the lakefronts (includes Uptown, Andersonville, Buena Park, Sheridan Park, Ravenswood, Wrigleyville, Lake View, Southport, Lincoln Square, Bowmanville, Winnemac, Arcadia Terrace, Budlong Woods, and West Ridge).