2019 -- S 0435 | |
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LC000798 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2019 | |
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A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT - VETERANS' SMALL BUSINESS | |
LOAN PROGRAM | |
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Introduced By: Senators Lynch Prata, McKenney, and Seveney | |
Date Introduced: February 27, 2019 | |
Referred To: Senate Finance | |
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. Transitioning veterans' small business loan program. |
4 | (a) The director of the Rhode Island commerce corporation and/or the director's successor |
5 | as secretary of commerce shall develop a transitioning veterans' small business loan program. |
6 | (b) The transitioning veterans' small business loan program shall: |
7 | (1) Provide transitioning veterans with business plan assistance; |
8 | (2) Provide transitioning veterans with an ongoing mentorship in business development |
9 | and execution; |
10 | (3) Promote small business loans to transitioning veterans; |
11 | (4) Provide small business loans not to exceed fifty thousand dollars ($50,000) per |
12 | veteran not exceeding one million dollars ($1,000,000) in total per year; and |
13 | (5) Partner with the United States Small Business Administration and private lenders to |
14 | leverage the funds available to transitioning veterans seeking to start a small business in Rhode |
15 | Island. |
16 | (c) For the purpose of this section, a "transitioning veteran" means a veteran who has left |
17 | active duty and is transitioning back into the civilian workforce. |
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1 | 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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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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