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2020 SESSION
SB 458 Microloans for Veterans Program and Fund; created.
Introduced by: Bryce E. Reeves | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Microloans for Veterans Program and Fund; creation and administration. Creates the Microloans for Veterans Program and Fund to be administered by the Virginia Small Business Financing Authority (the Authority). The bill directs the Virginia Community College System, working with the Authority and other state agencies, to develop a curriculum to provide education and mentorship to veterans. The Authority is authorized to issue loans of up to $10,000 to veterans who agree to participate in such curriculum and meet other requirements (tier 1 loans). The Authority is authorized to issue loans of up to $50,000 to veterans who have completed the requirements associated with a tier 1 loan and agree to meet advanced education and mentorship requirements (tier 2 loans). The provisions of the bill are contingent on funding in a general appropriation act.
SUMMARY AS INTRODUCED:
Microloans for Veterans Program and Fund; creation and administration. Creates the Microloans for Veterans Program and Fund to be administered by the Virginia Small Business Financing Authority (the Authority). The bill directs the Authority to work with the Department of Veterans Services, the Department of Small Business and Supplier Diversity, and the Virginia Community College System to develop a curriculum of education and mentorship related to finance and business planning. The Authority is authorized to issue loans of up to $10,000 to veterans who agree to participate in such curriculum and meet other requirements (tier 1 loans). The Authority is authorized to issue loans of up to $50,000 to veterans who have completed the requirements associated with a tier 1 loan and agree to meet advanced education and mentorship requirements (tier 2 loans).