2014 -- S 2495 SUBSTITUTE A

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LC004639/SUB A

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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 SMALL

BUSINESS MINORITY LENDING SET-ASIDE PROGRAM

     

     Introduced By: Senators Metts, and Pichardo

     Date Introduced: February 27, 2014

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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

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Development Corporation [For sections effective January 1, 2014, see this version] Rhode Island

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Commerce Corporation [For sections effective January 1, 2014, see this version]" is hereby

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amended by adding thereto the following section:

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     42-64-41. Report regarding small business lending. -- (a) On or before January 15,

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2015, the Rhode Island commerce corporation shall prepare a report that identifies options for the

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creation of programs to provide access to capital for small and micro businesses in low-and-

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moderate income, minority, and other underserved communities, including women-and-minority-

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owned businesses.

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     (b) The report shall include an evaluation of current lending policies and outcomes, as

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well as suggestions regarding how to increase lending to minority business enterprises. The report

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shall be provided to the governor, the speaker of the house, the president of the senate, and the

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chairs of house and senate finance committees.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND SMALL

BUSINESS MINORITY LENDING SET-ASIDE PROGRAM

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     This act would require the commerce corporation to prepare a report by January 15, 2015,

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to identify options regarding the creation of programs to access capital for small businesses in

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low, moderate and minority communities.

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     This act would take effect upon passage.

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