2017 -- S 0294

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LC000533

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2017

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE

CORPORATION

     

     Introduced By: Senators Doyle, and Seveney

     Date Introduced: February 15, 2017

     Referred To: Senate Special Legislation and Veterans Affairs

     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 Commerce

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

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     42-64-42. Combat veterans' small business loan program.

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     (a) The director of the Rhode Island commerce corporation shall develop a combat

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veterans' small business loan program.

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

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     (1) Provide combat veterans with business plan assistance;

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     (2) Promote combat veterans small business loans;

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

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

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     (4) Partner with the United States Small Business Administration and private lenders to

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

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

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awarded or who is eligible to be awarded their service medal or badge which indicates they

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participated in combat against an armed enemy.

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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 COMMERCE

CORPORATION

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

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veterans' small business loan program.

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     This act would take effect upon passage.

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