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NC H689
Bill
Status
Introduced
4/10/2019
Primary Sponsor
Kelly Alexander
Click for details
AI Summary
- Creates the Micro-Business Development Loan Fund as a restricted reserve in the Department of Commerce to provide low-interest loans to community development financial institutions for lending to qualifying micro-businesses unable to obtain conventional credit
- Defines qualifying micro-businesses as North Carolina businesses with no more than five employees that are not subsidiaries or affiliates of other businesses
- Requires fund prioritization for projects creating or retaining jobs and for minority-owned, women-owned, or underserved micro-businesses
- Limits Fund contributions to no more than 25% of a loan's principal amount and prohibits fees on loans of $5,000 or less funded in part by the program
- Department of Commerce must publish annual reports due one month after each fiscal year and conduct a study by April 1 each year on minimum funding levels and ways to increase community development financial institutions in the state
Legislative Description
Micro-Business Development Loan Program
Last Action
Ref to the Com on Commerce, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House
4/11/2019
Committee Referrals
Commerce4/11/2019
Full Bill Text
No bill text available