Virginia Small Business Emergency Bridge Loan Fund; created. (HB2153)

Introduced By

Del. Chris Stolle (R-Virginia Beach) with support from co-patron Sen. Lynwood Lewis (D-Accomac)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Small Business Financing Authority; Virginia Small Business Emergency Bridge Loan Fund created. Creates the Virginia Small Business Emergency Bridge Loan Fund (the Fund) to provide short-term direct loans to eligible small businesses adversely affected by a disaster for which a state of emergency has been declared. The bill provides that the Fund shall be managed and administered by the Small Business Financing Authority with guidance from the Director of the Department of Small Business and Supplier Diversity and in coordination with the Virginia Department of Emergency Management. The bill also provides that loans provided from the Fund shall be (i) for a minimum amount of $1,000 up to a maximum amount of $10,000, (ii) provided interest-free, and (iii) repaid by the end of the loan term, which term shall be set by the Authority for a minimum of 90 days but not to exceed 180 days. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2019Committee
01/08/2019Prefiled and ordered printed; offered 01/09/19 19100670D
01/08/2019Referred to Committee on Appropriations
01/11/2019Assigned App. sub: Commerce, Agriculture, Natural Resources & Technology
01/22/2019Impact statement from DPB (HB2153)
01/30/2019Subcommittee recommends striking from docket (8-Y 0-N)
02/05/2019Left in Appropriations

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