DE HB465

Creates the Microbusiness Loan Fund administered through the Delaware Division of Small Business to guarantee loans and provide support to qualifying microbusinesses

Defines a microbusiness as a business with up to five full-time employees, less than $1,000,000 in annual revenue, and lacking sufficient resources to implement its business plan without assistance

Establishes loan program guaranteeing 90% of loan amounts up to $100,000 with interest rates capped at the Federal Funds Rate plus 3% and repayment terms up to 10 years

Allows initial loan payments to be deferred for up to 24 months from loan approval and structures payment schedules to match business cash flow projections

Authorizes the Division of Small Business to guarantee loans from Community Development Financial Institutions (CDFIs) and other approved financial institutions, and to provide education, training, and mentoring to loan recipients