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2016 SESSION

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SB 319 Small Business Investment Grant Fund; administration; qualifications.

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

SUMMARY AS INTRODUCED:

Small Business Investment Grant Fund; administration; qualifications. Changes the administration of the Small Business Investment Grant Fund from the Department of Small Business and Supplier Diversity to the Virginia Small Business Financing Authority. The bill also changes the eligibility of businesses to receive a grant from the fund by (i) removing the requirement that a business be certified as a small business by the Department, (ii) limiting the total grant allocation from the Fund to $250,000 per eligible investor, and (iii) extending the period during which an eligible investor can make a qualified investment in a small business from January 1, 2015, to January 1, 2019.


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