2016 -- H 7101 | |
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LC003520 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2016 | |
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A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT -- TRANSITIONING VETERANS' | |
SMALL BUSINESS LOAN PROGRAM | |
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Introduced By: Representatives Lancia, Malik, Azzinaro, Marshall, and Costa | |
Date Introduced: January 08, 2016 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 42 of the General Laws entitled "STATE AFFAIRS AND |
2 | GOVERNMENT" is hereby amended by adding thereto the following chapter: |
3 | CHAPTER 64.32 |
4 | TRANSITIONING VETERANS' SMALL BUSINESS LOAN PROGRAM |
5 | 42-64.32-1. Short title. – This chapter shall be known and may be cited as the |
6 | "Transitioning Veterans' Small Business Loan Program." |
7 | 42-64.32-2. Development. -- The director of the Rhode Island commerce corporation |
8 | and/or their successor as secretary of commerce shall develop a transitioning veterans' small |
9 | business loan program. |
10 | 42-64.32-3. Definitions. -- As used in this chapter, the following term shall have the |
11 | following meaning: |
12 | (1) "Transitioning veteran" means a veteran who has left active duty and is transitioning |
13 | back into the civilian workforce. |
14 | 42-64.32-4. Purposes. -- The transitioning veterans' small business loan program shall: |
15 | (1) Provide transitioning veterans with business plan assistance; |
16 | (2) Provide transitioning veterans with an ongoing mentorship in business development |
17 | and execution; |
18 | (3) Promote small business loans to transitioning veterans; |
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1 | (4) Provide small business loans not to exceed fifty thousand dollars ($50,000) per |
2 | veteran and one million dollars ($1,000,000) in total per year; and |
3 | (5) Partner with the United States Small Business Administration and private lenders to |
4 | leverage the funds available to transitioning veterans seeking to start a small business in Rhode |
5 | Island. |
6 | 42-64.32-5. Transitioning veterans' small business loan account established as a |
7 | special revenue fund. – (a) Establishment. The "transitioning veterans' small business loan |
8 | account" is hereby established as a special revenue fund in the commerce corporation. |
9 | (b) Purpose. The transitioning veterans' small business loan account shall be used for the |
10 | transitioning veterans' small business loan program, as specified in this chapter. Monies in the |
11 | account shall be allocated as specified in this chapter and shall not exceed available funds in the |
12 | account. |
13 | (c) Appropriation. The general assembly shall annually appropriate such funds as the |
14 | general assembly determines are necessary to support the transitioning veterans' small business |
15 | loan program. |
16 | 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 -- TRANSITIONING VETERANS' | |
SMALL BUSINESS LOAN PROGRAM | |
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1 | This act would create a transitioning veterans' small business loan program through the |
2 | commerce corporation. |
3 | This act would take effect upon passage. |
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