AZ SB1079

Establishes a small business loan commission consisting of five voting members appointed by the chief executive officer, plus the state treasurer as a non-voting ex officio member.

Commission shall establish a small business loan program for businesses with not more than 100 employees, requiring applicants to demonstrate past and future ability to create new jobs in Arizona.

Commission authority includes setting application criteria, loan approval standards, loan terms, and administering loans with a maximum term of five years at prevailing private sector interest rates.

Allocates $10 million from the Arizona Commerce Authority Fund to the commission for funding approved small business loans.

Program terminates on July 1, 2022 pursuant to sunset provisions in section 41-3102.