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MN SF2988
Bill
Status
Introduced
3/4/2010
Primary Sponsor
David Tomassoni
Click for details
AI Summary
- Expands the military reservist economic injury loan program to include recently separated veterans who served in active military service on or after September 11, 2001
- Authorizes the commissioner of employment and economic development to make one-time, interest-free loans of up to $20,000 to veteran-owned small businesses and businesses harmed by military reservist call-ups
- Eligible businesses must be majority-owned and operated by a recently separated veteran, or have sustained substantial economic injury from losing an essential employee called to active service for 180 or more days
- Establishes a revolving loan account funded by appropriations and loan repayments, with interest accruing to the account for program administration
- Directs the commissioner to develop expedited rules governing loan applications, fund use, collateral requirements, and loan terms using expedited rulemaking procedures
Legislative Description
Veteran-owned small business loan program
Last Action
Senate: Introduction and first reading
3/4/2010
Committee Referrals
Finance3/4/2010
Full Bill Text
No bill text available