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1996 SESSION
962399812WHEREAS, the Joint Subcommittee to Study Capital Access and Business Financing, created pursuant to Senate Joint Resolution 370 and House Joint Resolution 591, met during 1995 to discuss issues relating to promoting business development and growth; and
WHEREAS, during its deliberations, the Subcommittee learned about the significant difficulties Virginians have in getting access to capital to start new businesses; and
WHEREAS, the Subcommittee also heard testimony from business owners about the positive experiences they have had with the capital access programs already offered by the Commonwealth; and
WHEREAS, a number of options for promoting capital access and lowering barriers to financing businesses were explored, and
WHEREAS, some of these options included changes to existing programs which are very popular; and
WHEREAS, a seed and early stage capital fund and a loan guarantee program through direct appropriations or the provision of tax credits were also discussed; and
WHEREAS, the Subcommittee expressed a desire that many of these issues be explored in greater depth before recommending them to the General Assembly; now, therefore, be it
RESOLVED, by the House of Delegates, with the Senate concurring, That the Joint Subcommittee to Study Capital Access and Business Financing be continued. As part of the study, the Secretary of Commerce and Trade, in cooperation with the Department of Economic Development and other appropriate state agencies, is requested to study the formation of a seed and early stage capital fund and the implementation of a loan guarantee program to foster business development. The Secretary shall provide the results of his analysis to the Subcommittee in the course of its continued deliberations.
The membership of the joint subcommittee shall continue as initially appointed. Vacancies shall be filled by the initial appointing authority.
The Office of the Secretary of Commerce and Trade and the Department of Economic Development shall provide staff support to the joint subcommittee. All agencies of the Commonwealth shall assist the subcommittee, upon request.
The direct cost of this study shall not exceed $2,000.
The joint subcommittee shall complete its work in time to submit its findings and recommendations to the Governor and the 1997 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.