SB315 Summary

• Amends Alabama's Rural, Agribusiness, and Opportunity Zone Jobs Act to authorize the Alabama Innovation Corporation to issue state matching capital to certified growth funds for investments in rural and minority-owned businesses.

• Establishes the SSBCI Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act Account funded by up to $25 million in federal American Rescue Plan funds and up to $25 million in state appropriations.

• Growth funds must invest in businesses with fewer than 200 employees located in rural counties (population under 50,000) or qualified opportunity zones, with minimum allocations of 25% to agribusiness and 25% to minority-owned businesses.

• SSBCI loans carry 1% annual interest with forgiveness available at program exit based on follow-on capital raised and job creation metrics; management fees of 3% annually accrue but are only paid upon exit.

• Becomes effective upon appropriation of a minimum of $12.5 million to the account for fiscal year 2024-2025; repeals prior legislative intent language related to federal funds.