S0294

	2017 -- S 0294
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	LC000533
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	STATE OF RHODE ISLAND
	IN GENERAL ASSEMBLY
	JANUARY SESSION, A.D. 2017
	____________
	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:
1	SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Commerce
2	Corporation" is hereby amended by adding thereto the following section:
3	42-64-42. Combat veterans' small business loan program.
4	(a) The director of the Rhode Island commerce corporation shall develop a combat
5	veterans' small business loan program.
6	(b) The combat veterans' small business loan program shall:
7	(1) Provide combat veterans with business plan assistance;
8	(2) Promote combat veterans small business loans;
9	(3) Provide small business loans not to exceed fifty thousand dollars ($50,000) per
10	veteran and one million dollars ($1,000,000) in total per year; and
11	(4) Partner with the United States Small Business Administration and private lenders to
12	leverage the funds available to combat veterans seeking to start a small business in Rhode Island.
13	(c) For the purposes of this section, a "combat veteran" means a veteran who has been
14	awarded or who is eligible to be awarded their service medal or badge which indicates they
15	participated in combat against an armed enemy.
16	SECTION 2. This act shall take effect upon passage.
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	LC000533
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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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1	This act would direct the Rhode Island commerce corporation to develop a combat
2	veterans' small business loan program.
3	This act would take effect upon passage.
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	LC000533
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