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AL SB158
Bill
AI Summary
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Proposes a constitutional amendment to create a Small Business and Job Creation Fund administered by the Alabama Development Office for lending to new business entities.
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Requires $50 million to be transferred annually from the Alabama Trust Fund to the Small Business and Job Creation Fund for fiscal years 2012-2015 (three years total).
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Prohibits transfers if the Alabama Trust Fund would fall below $2 billion or in any year following a year when state unemployment reaches 5 percent or less.
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Loan amounts capped at $25,000 for businesses creating 5-10 jobs and $100,000 for businesses creating 11 or more jobs, with interest rates matched to industry standards.
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Requires annual audits of loan recipients by the Alabama Development Office to verify employment requirements are maintained until the loan is paid in full.
Legislative Description
Small Business and Job Creation Fund, established, funded with annual transfer from Alabama Trust Fund for three years, exceptions, administration of fund by Alabama Development Office, const. amend.
Constitutional Amendments
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
2/7/2012