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1996 SESSION

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HB 304 Export Loan Guaranty Fund; created.

Introduced by: A. Victor Thomas | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Export Loan Guaranty Fund. Creates the Virginia Export Loan Guaranty Fund, to be administered and managed by the Virginia Small Business Financing Authority (VSBFA). The Fund will permit VSBFA percent of the principal amount of commercial loans, up to a maximum of one million dollars, made by a lender for the purpose of facilitating the sale of goods, products, or services outside of the United States by (i) persons, firms, or corporations located in Virginia or (ii) persons, firms, or corporations located outside of Virginia, so long as such nonresident person, firm, or corporation utilizes a Virginia air, land, or sea port to ship such goods, products, or services. The bill is a recommendation of the Blue Ridge Economic Development Commission.


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