2014 -- H 7286

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LC003960

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE

CORPORATION

     Introduced By: Representatives Johnston, O'Brien, Hull, Canario, and Carnevale

     Date Introduced: January 30, 2014

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Commerce

Corporation" is hereby amended by adding thereto the following section:

     42-64-40. Combat veterans' small business loan program. – (a) The director of the

Rhode Island commerce corporation shall develop a combat veterans' small business loan

program.

     (b) The combat veterans' small business loan program shall:

     (1) Provide combat veterans with business plan assistance;

     (2) Promote combat veterans small business loans;

     (3) Provide small business loans not to exceed fifty thousand dollars ($50,000) per

veteran and one million dollars ($1,000,000) in total per year; and

     (4) Partner with the United States small business administration and private lenders to

leverage the funds available to combat veterans seeking to start a small business in Rhode Island.

     (c) For the purposes of this section, a "combat veteran" means a veteran who has been

awarded or who is eligible to be awarded his or her service medal or badge which indicates he or

she participated in combat against an armed enemy.

     SECTION 2. This act shall take effect upon passage.

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LC003960

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE

CORPORATION

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     This act would direct the Rhode Island commerce corporation to develop a combat

veterans' small business loan program.

     This act would take effect upon passage.

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LC003960

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