HB473 Summary: Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act

• Establishes the Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act to create a growth fund certification program using $25,000,000 in federal State Small Business Credit Initiative (SSBCI) funding from the American Rescue Plan Act of 2021.

• Growth funds must be certified by the designated department and receive SSBCI loans up to $7,500,000 with matching capital requirements to invest in growth businesses (fewer than 200 employees) in rural counties or qualified opportunity zones.

• Growth investments must be allocated to agribusiness (at least 25%), minority-owned businesses (at least 25%), rural areas (at least 50%), and qualified opportunity zones (at least 25%) within 12 months of closing date.

• SSBCI loans carry 1% annual interest with forgiveness available at program exit based on follow-on capital attracted and jobs created/retained; forfeiture occurs if investment requirements are not met.

• Growth funds may exit the program after the seventh anniversary of closing upon department approval, with accrued management fees (3% annually) and SSBCI loan principal/interest due at exit.