NC H774

Joint Legislative Economic Development and Global Engagement Oversight Committee shall study establishing a microloan program providing funding and business training through nonprofit entities to low-income entrepreneurs without access to commercial credit.

Study must determine proper microloan term (including whether six-month maximum is appropriate), maximum loan amount, interest rate, and income eligibility limits based on adjusted gross income and federal poverty guidelines.

Study shall evaluate whether recipients should submit business plans, participate in accountability group meetings with other successful borrowers, complete required training modules, and make weekly repayments.

Committee shall determine whether recipients may receive additional loans after successfully repaying previous microloans and identify other measures to improve program outcomes.

Committee must report findings and any recommended legislation to the 2024 Regular Session of the General Assembly upon convening.