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2004 SESSION

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SB 646 Biotechnology Commercialization Loan Fund; created, report.

Introduced by: Janet D. Howell | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Biotechnology Commercialization Loan Fund; Innovative Technology Authority. Creates the Biotechnology Commercialization Loan Fund to finance technology transfer and commercialization activities related to biotechnology inventions made, solely or in cooperation with other organizations, at qualifying institutions. The maximum amount of the fund is $3,000,000 and the maximum amount that any institution can have outstanding is $500,000. Applications will be made to and decisions will be made by a panel consisting of the President of the Center for Innovative Technology, the Director of the Department of Planning and Budget and the Executive Director of the Virginia Economic Development Partnership, or their designees. Loans are to be repaid at a rate and time determined in the bill. The bill also provides that a record transmitted or delivered by a loan applicant or a loan recipient to a public body, in carrying out its duties under the bill, are excluded from disclosure under the Virginia Freedom of Information Act to the extent such record reveals certain proprietary information.


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