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1999 SESSION

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HB 2506 Capital Access Fund for Disadvantaged Businesses.

Introduced by: Thelma S. Drake | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Capital Access Fund for Disadvantaged Businesses. Creates a permanent, nonreverting fund to be used to provide loan guarantees, loan loss reserves, and interest rate write-downs for economically disadvantaged businesses. The Virginia Small Business Financing Authority and the Director of the Department of Minority Business Enterprise shall jointly develop Fund guidelines.

SUMMARY AS PASSED HOUSE:

Capital Access Fund for Disadvantaged Businesses (“Fund”). Creates a permanent nonreverting fund to be used to provide loans and loan guarantees for disadvantaged businesses. The Virginia Small Business Financing Authority and the Director of the Department of Minority Business Enterprise will jointly develop guidelines, subject to approval by the Secretary of Trade and Commerce, for the Fund.

SUMMARY AS INTRODUCED:

Capital Access Fund for Disadvantaged Businesses (“Fund”). Creates a permanent nonreverting fund to be used to provide loans and loan guarantees for disadvantaged businesses. The Virginia Small Business Financing Authority and the Director of the Department of Minority Business Enterprise will jointly develop guidelines, subject to approval by the Secretary of Trade and Commerce, for the Fund.