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2015 SESSION

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SB 854 Small, Women-owned, and Minority-owned Business Loan Fund; established.

Introduced by: L. Louise Lucas | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Small Business Financing Authority; Small, Women-owned, and Minority-owned Business Loan Fund. Abolishes the Capital Access Fund for Disadvantaged Businesses, which provides loan guarantees, loan loss reserves, and interest rate write-downs for disadvantaged businesses, and replaces it with the Small, Women-owned, and Minority-owned Business Loan Fund. The new fund will provide direct loans to eligible small, women-owned, and minority-owned businesses. The bill requires the Small Business Financing Authority and the Department of Small Business and Supplier Diversity to transfer cash balances in the Capital Access Fund for Disadvantaged Businesses to the Small, Women-owned, and Minority-owned Business Loan Fund. The bill contains technical amendments. This bill is identical to HB 1757.


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