2018 -- S 2256

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LC004098

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2018

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - VETERANS' SMALL BUSINESS

LOAN PROGRAM

     

     Introduced By: Senators Lynch Prata, Gallo, DiPalma, Gee, and Morgan

     Date Introduced: February 01, 2018

     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. Transitioning veterans' small business loan program.

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     (a) The director of the Rhode Island commerce corporation and/or the director's successor

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as secretary of commerce shall develop a transitioning veterans' small business loan program.

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

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     (1) Provide transitioning veterans with business plan assistance;

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     (2) Provide transitioning veterans with an ongoing mentorship in business development

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and execution;

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     (3) Promote small business loans to transitioning veterans;

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

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veteran not exceeding one million dollars ($1,000,000) in total per year; and

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

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leverage the funds available to transitioning veterans seeking to start a small business in Rhode

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Island.

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     (c) For the purpose of this section, a "transitioning veteran" means a veteran who has left

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active duty and is transitioning back into the civilian workforce.

 

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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 - VETERANS' SMALL BUSINESS

LOAN PROGRAM

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     This act would create a transitioning veterans' small business loan program through the

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commerce corporation.

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     This act would take effect upon passage.

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