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2001 SESSION
019254804
WHEREAS, the primary challenge encountered by many businesses, particularly small and minority-owned businesses, is the securing of sufficient financing for new or expanding operations; and
WHEREAS, the continued growth of jobs and incomes in Virginia will depend heavily on facilitating the creation and expansion of these businesses; and
WHEREAS, availability of capital at all stages of business development has been identified as one of the most pressing issues facing businesses in the Commonwealth; and
WHEREAS, federal, state, and local governments have created lending authorities and other organizations to address some business financing needs; and
WHEREAS, governments cannot and should not replace the private sector as the primary source of financing for business; and
WHEREAS, the availability of investment and working capital is essential to economic development and job creation efforts; now, therefore, be it
RESOLVED by the Senate, the House of Delegates concurring, That a joint subcommittee be established to study capital access and business financing for small and minority-owned businesses. The study shall include examination of the following: (i) various new initiatives and existing state and federal programs that increase the accessibility of private financing for business development and attract investment and working capital, including seed, operating, and expansion capital, to the Commonwealth in order to support economic development efforts; (ii) programs pursued in other states targeted at increasing the availability of private capital; and (iii) the appropriate role of the state in facilitating business financing. The joint subcommittee shall be composed of eighteen members as follows: six members of the House of Delegates, to be appointed by the Speaker of the House, in accordance with the principles of proportional representation contained in the Rules of the House of Delegates; four members of the Senate, to be appointed by the Senate Committee on Privileges and Elections; and eight citizen members, to be appointed by the Governor.
The direct costs of this study shall not exceed $ 13,200.
The Division of Legislative Services shall provide staff support to the joint subcommittee. All agencies of the Commonwealth shall provide assistance to the joint subcommittee, upon request.
The joint subcommittee shall complete its work in time to submit its written findings and recommendations to the Governor and the 2002 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents.
Implementation of this resolution is subject to subsequent approval and certification by the Joint Rules Committee. The Committee may withhold expenditures or delay the period for the conduct of the study.