Connecticut 2025 Regular Session

Connecticut House Bill HB06767 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	LCO 1 of 8
4	3
5		-	General Assembly Substitute Bill No. 6767
	4	+	LCO No. 5278 1 of 9
	5	+
	6	+	General Assembly Committee Bill No. 6767
6	7		January Session, 2025
	8	+	LCO No. 5278
7	9
8	10
	11	+	Referred to Committee on VETERANS' AND MILITARY
	12	+	AFFAIRS
	13	+
	14	+
	15	+	Introduced by:
	16	+	(VA)
9	17
10	18
11	19
12	20		AN ACT CONCERNING A DISABLED VETERANS REVOLVING LOAN
13	21		FUND.
14	22		Be it enacted by the Senate and House of Representatives in General
15	23		Assembly convened:
16	24
17	25		Section 1. Section 32-7g of the general statutes is repealed and the 1
18	26		following is substituted in lieu thereof (Effective July 1, 2025): 2
19	27		(a) There is established within the Department of Economic and 3
20	28		Community Development the Small Business Express program. Said 4
21	29		program shall provide small businesses with various forms of financial 5
22	30		assistance. A small business eligible for assistance through said program 6
23	31		shall (1) employ not more than one hundred employees, (2) have 7
24	32		operations in Connecticut, and (3) be in good standing with the payment 8
25	33		of all state and local taxes and with all state agencies. It shall be the goal 9
26	34		of the Department of Economic and Community Development that, on 10
27	35		or before July 1, 2026, the Small Business Express program be self-11
28	36		funded and that the default rate of small businesses that receive 12
29	37		assistance under said program be not more than twenty per cent. 13
30	38		(b) The Small Business Express program shall consist of various 14
31	39		components, including (1) a revolving loan fund, as described in 15
	40	+	Committee Bill No. 6767
	41	+
	42	+
	43	+	LCO No. 5278 2 of 9
	44	+
32	45		subsection (c) of this section, to support small business growth, (2) at 16
33	46		least one minority business revolving loan fund, as described in 17
34		-	subsection (d) of this section, to support the growth of minority-owned 18 Substitute Bill No. 6767
35		-
36		-
37		-	LCO 2 of 8
38		-
39		-	businesses, (3) a disabled veteran business revolving loan fund, as 19
40		-	described in subsection (e) of this section, to support the growth of 20
41		-	disabled veteran-owned businesses, (4) a component established in 21
	47	+	subsection (d) of this section, to support the growth of minority-owned 18
	48	+	businesses, (3) at least one disabled veteran business revolving loan 19
	49	+	fund, as described in subsection (e) of this section, to support the growth 20
	50	+	of disabled veteran-owned businesses, (4) a component established in 21
42	51		consultation with representatives from Connecticut-based banks and a 22
43	52		banking industry association, as described in subsection [(e)] (f) of this 23
44	53		section, and [(4)] (5) a component established in consultation with 24
45	54		Connecticut Innovations, Incorporated, as described in subsection [(f)] 25
46	55		(g) of this section. Notwithstanding the provisions of section 32-5a 26
47	56		regarding relocation limits, the department may require, as a condition 27
48	57		of receiving financial assistance pursuant to this section, that a small 28
49	58		business receiving such assistance shall not relocate, as defined in 29
50	59		section 32-5a, for five years after receiving such assistance or during the 30
51	60		term of the loan, whichever is longer. All other conditions and penalties 31
52	61		imposed pursuant to section 32-5a shall continue to apply to such small 32
53	62		business. 33
54	63		(c) There is established as part of the Small Business Express program 34
55	64		a revolving loan fund to provide loans, loan guarantees, loan portfolio 35
56	65		guarantees, portfolio insurance and grants. 36
57	66		(d) (1) There is established as part of the Small Business Express 37
58	67		program at least one revolving loan fund to provide loans to eligible 38
59	68		small businesses that are owned by one or more members of a minority. 39
60	69		As used in this subsection, (A) "minority business development entity" 40
61	70		means a nonprofit organization (i) having a lending portfolio on or 41
62	71		before June 9, 2016, from which at least seventy-five per cent of lending 42
63	72		is provided to minority-owned businesses state-wide; and (ii) that 43
64	73		provided technical assistance on or before June 9, 2016, provided at least 44
65	74		seventy-five per cent of such assistance was provided to minority-45
66	75		owned businesses state-wide; and (B) "minority" means (i) Black 46
67	76		Americans, including all persons having origins in any of the Black 47
68	77		African racial groups not of Hispanic origin; (ii) Hispanic Americans, 48
	78	+	Committee Bill No. 6767
	79	+
	80	+
	81	+	LCO No. 5278 3 of 9
	82	+
69	83		including all persons of Mexican, Puerto Rican, Cuban, Central or South 49
70	84		American, or other Spanish culture or origin, regardless of race; (iii) all 50
71	85		persons having origins in the Iberian Peninsula, including Portugal, 51
72		-	regardless of race; (iv) women; (v) Asian Pacific Americans and Pacific 52 Substitute Bill No. 6767
73		-
74		-
75		-	LCO 3 of 8
76		-
	86	+	regardless of race; (iv) women; (v) Asian Pacific Americans and Pacific 52
77	87		islanders; or (vi) American Indians and persons having origins in any of 53
78	88		the original peoples of North America and maintaining identifiable 54
79	89		tribal affiliations through membership and participation or community 55
80	90		identification. 56
81	91		(2) Notwithstanding the provisions of section 32-7h, as amended by 57
82	92		this act, the commissioner shall allocate from the available funding 58
83	93		under the Small Business Express program a total of five million dollars 59
84	94		for grants-in-aid to not more than two minority business development 60
85	95		entities in each of the fiscal years ending June 30, 2016, to June 30, 2020, 61
86	96		inclusive, for the purpose of establishing and administering minority 62
87	97		business revolving loan funds. Moneys from such funds shall be used 63
88	98		to (A) provide loans to eligible small businesses, and (B) fund the 64
89	99		administrative costs associated with the provision of such loans by a 65
90	100		minority business development entity, provided a minority business 66
91	101		development entity may not use more than ten per cent of the amount 67
92	102		received as a grant under this section to fund such costs. Such loans shall 68
93	103		be used for acquisition or purchase of machinery and equipment, 69
94	104		construction or leasehold improvements, relocation expenses, working 70
95	105		capital, which may be used for payment of rent, or other business-71
96	106		related expenses, as authorized by the minority business development 72
97	107		entity. 73
98	108		(3) Loans from a minority business revolving loan fund may be in 74
99	109		amounts from ten thousand dollars to a maximum of five hundred 75
100	110		thousand dollars, shall carry a maximum repayment rate of four per 76
101	111		cent and shall be for a term of not more than ten years. The minority 77
102	112		business development entity shall review and approve loan terms, 78
103	113		conditions and collateral requirements in a manner that prioritizes job 79
104	114		growth and retention. 80
	115	+	Committee Bill No. 6767
	116	+
	117	+
	118	+	LCO No. 5278 4 of 9
	119	+
105	120		(4) Any eligible small business owned by one or more members of a 81
106	121		minority may apply for assistance from a minority business revolving 82
107	122		loan fund, provided the minority business development entity shall 83
108	123		give priority to applicants that, as part of their business plan, are 84
109		-	creating new jobs that will be maintained for not less than twelve 85 Substitute Bill No. 6767
110		-
111		-
112		-	LCO 4 of 8
113		-
	124	+	creating new jobs that will be maintained for not less than twelve 85
114	125		consecutive months. 86
115	126		(5) Loans from a minority business revolving loan fund shall be 87
116	127		provided in such a manner that, on or before five years after the date 88
117	128		such loan fund is established, the annual funds or revenues derived 89
118	129		from investment income, loan repayments or any other sources received 90
119	130		by the minority business development entity in connection with such 91
120	131		loan fund is sufficient to fund the administrative costs associated with 92
121	132		such loan fund. 93
122	133		(6) A minority business development entity receiving a grant 94
123	134		pursuant to this subsection shall annually submit to the commissioner a 95
124	135		financial audit of grant expenditures until all grant moneys have been 96
125	136		expended by such entity. Any such audit shall be prepared by an 97
126	137		independent auditor and if the commissioner finds that any such grant 98
127	138		is used for purposes that are not in conformity with uses set forth in 99
128	139		subdivisions (2) and (3) of this subsection, the commissioner may 100
129	140		require repayment of such grant. 101
130	141		(e) (1) There is established as part of the Small Business Express 102
131		-	program a revolving loan fund to provide loans to eligible disabled 103
132		-	veteran-owned businesses. As used in this subsection, (A) "disabled 104
133		-	veteran" means a veteran, as defined in section 27-103, who has a 105
134		-	disability rating of at least thirty per cent, as determined by the United 106
135		-	States Department of Veterans Affairs; and (B) "disabled veteran-owned 107
136		-	business" means a small business of which greater than fifty per cent is 108
137		-	owned by one or more disabled veterans. 109
138		-	(2) Notwithstanding the provisions of section 32-7h, as amended by 110
139		-	this act, the commissioner shall utilize, of the available funding under 111
140		-	the Small Business Express program, a total of two million dollars in 112
141		-	each of the fiscal years ending June 30, 2026, to June 30, 2030, inclusive, 113
142		-	for the purpose of establishing and administering a disabled veteran 114
143		-	business revolving loan fund. Moneys from such fund shall be used to 115
144		-	(A) provide loans to eligible disabled veteran-owned businesses that 116
145		-	have been formed for at least three years, as reflected in the records of 117 Substitute Bill No. 6767
	142	+	program at least one revolving loan fund to provide loans to eligible 103
	143	+	disabled veteran-owned businesses. As used in this subsection, (A) 104
	144	+	"disabled veteran business development entity" means a nonprofit 105
	145	+	organization (i) having a lending portfolio on or before July 1, 2025, from 106
	146	+	which at least seventy-five per cent of lending is provided to disabled 107
	147	+	veteran-owned businesses state-wide; and (ii) that provided technical 108
	148	+	assistance on or before July 1, 2025, provided at least seventy-five per 109
	149	+	cent of such assistance was provided to disabled veteran-owned 110
	150	+	businesses state-wide; (B) "disabled veteran" means a veteran, as 111
	151	+	defined in section 27-103, who has a disability rating of at least thirty 112
	152	+	Committee Bill No. 6767
146	153
147	154
148		-	LCO 5 of 8
	155	+	LCO No. 5278 5 of 9
149	156
150		-	the Commercial Recording Division of the office of the Secretary of the 118
151		-	State, prior to the provision of any such loan, and (B) fund the 119
152		-	administrative costs associated with the provision of such loans by the 120
153		-	Department of Economic and Community Development, provided the 121
154		-	department may not use more than ten per cent of such moneys to fund 122
155		-	such costs. Such loans shall be used for acquisition or purchase of 123
156		-	machinery and equipment, construction or leasehold improvements, 124
157		-	relocation expenses, working capital, which may be used for payment 125
158		-	of rent, or other business-related expenses, as prescribed by the 126
159		-	commissioner. 127
160		-	(3) Loans from a disabled veteran business revolving loan fund may 128
161		-	be in amounts from ten thousand dollars to a maximum of five hundred 129
162		-	thousand dollars, shall carry a maximum repayment rate of four per 130
163		-	cent and shall be for a term of not more than ten years. The 131
164		-	commissioner shall review and approve loan terms, conditions and 132
165		-	collateral requirements in a manner that prioritizes job growth and 133
166		-	retention. 134
167		-	(4) Any eligible disabled veteran-owned business may apply for 135
168		-	assistance from a disabled veteran business revolving loan fund, 136
169		-	provided the commissioner shall give priority to applicants that, as part 137
170		-	of their business plan, are creating new jobs that will be maintained for 138
171		-	not less than twelve consecutive months. 139
172		-	(5) Loans from a disabled veteran business revolving loan fund shall 140
173		-	be provided in such a manner that, on or before five years after the date 141
174		-	such loan fund is established, the annual funds or revenues derived 142
175		-	from investment income, loan repayments or any other sources received 143
176		-	by the Department of Economic and Community Development in 144
177		-	connection with such loan fund is sufficient to fund the administrative 145
178		-	costs associated with such loan fund. 146
179		-	[(e)] (f) The commissioner, in consultation with representatives from 147
180		-	Connecticut-based banks and a banking industry association, may 148
181		-	establish as part of the Small Business Express program a component 149 Substitute Bill No. 6767
	157	+	per cent, as determined by the United States Department of Veterans 113
	158	+	Affairs; and (C) "disabled veteran-owned business" means a small 114
	159	+	business of which greater than fifty per cent is owned by one or more 115
	160	+	disabled veterans. 116
	161	+	(2) Notwithstanding the provisions of section 32-7h, as amended by 117
	162	+	this act, the commissioner shall allocate from the available funding 118
	163	+	under the Small Business Express program a total of two million dollars 119
	164	+	for grants-in-aid to not more than two disabled veteran business 120
	165	+	development entities in each of the fiscal years ending June 30, 2026, to 121
	166	+	June 30, 2030, inclusive, for the purpose of establishing and 122
	167	+	administering disabled veteran business revolving loan funds. Moneys 123
	168	+	from such funds shall be used to (A) provide loans to eligible disabled 124
	169	+	veteran-owned businesses that have been formed for at least three years, 125
	170	+	as reflected in the records of the Commercial Recording Division of the 126
	171	+	office of the Secretary of the State, prior to the provision of any such 127
	172	+	loan, and (B) fund the administrative costs associated with the provision 128
	173	+	of such loans by a disabled veteran business development entity, 129
	174	+	provided a disabled veteran business development entity may not use 130
	175	+	more than ten per cent of the amount received as a grant under this 131
	176	+	section to fund such costs. Such loans shall be used for acquisition or 132
	177	+	purchase of machinery and equipment, construction or leasehold 133
	178	+	improvements, relocation expenses, working capital, which may be 134
	179	+	used for payment of rent, or other business-related expenses, as 135
	180	+	authorized by the disabled veteran business development entity. 136
	181	+	(3) Loans from a disabled veteran business revolving loan fund may 137
	182	+	be in amounts from ten thousand dollars to a maximum of five hundred 138
	183	+	thousand dollars, shall carry a maximum repayment rate of four per 139
	184	+	cent and shall be for a term of not more than ten years. The disabled 140
	185	+	veteran business development entity shall review and approve loan 141
	186	+	terms, conditions and collateral requirements in a manner that 142
	187	+	prioritizes job growth and retention. 143
	188	+	(4) Any eligible disabled veteran-owned business may apply for 144
	189	+	Committee Bill No. 6767
182	190
183	191
184		-	LCO 6 of 8
	192	+	LCO No. 5278 6 of 9
185	193
186		-	operated in collaboration with Connecticut-based banks, which may 150
187		-	include, but need not be limited to, loan guarantees, short-term loans 151
188		-	used as a bridge to private sector financing and the transfer of loans 152
189		-	issued under subsection (c) of this section. Any loans issued under such 153
190		-	component shall be used for acquisition or purchase of machinery and 154
191		-	equipment, construction or leasehold improvements, relocation 155
192		-	expenses, working capital, which may be used for payment of rent, or 156
193		-	other business-related expenses, as authorized by the commissioner. 157
194		-	The provisions of subsections (c), [and] (d) and (e) of this section shall 158
195		-	not be construed to apply to such component. Such component shall be 159
196		-	administered by Connecticut Innovations, Incorporated, in 160
197		-	collaboration with the Department of Economic and Community 161
198		-	Development. For purposes of this section, "Connecticut-based banks" 162
199		-	means banks and out-of-state banks, each as defined in section 36a-2, 163
200		-	having deposit-taking branches in the state. 164
201		-	[(f)] (g) The commissioner, in consultation with Connecticut 165
202		-	Innovations, Incorporated, may establish as part of the Small Business 166
203		-	Express program a component operated in collaboration with 167
204		-	Connecticut Innovations, Incorporated, which may include, but need 168
205		-	not be limited to, financial assistance consistent with the provisions and 169
206		-	purposes of sections 32-23e, 32-23ii and 32-265. Such component may be 170
207		-	administered by Connecticut Innovations, Incorporated, in 171
208		-	collaboration with the Department of Economic and Community 172
209		-	Development. 173
210		-	[(g)] (h) Not later than February 1, 2022, and annually thereafter, the 174
211		-	commissioner shall provide a report, in accordance with the provisions 175
212		-	of section 11-4a, to the joint standing committees of the General 176
213		-	Assembly having cognizance of matters relating to finance, revenue and 177
214		-	bonding, appropriations, commerce and labor. Such report shall include 178
215		-	available data on (1) the number of small businesses that received 179
216		-	assistance under the Small Business Express program and the general 180
217		-	categories of such businesses, (2) the amounts and types of assistance 181
218		-	provided, (3) the total number of jobs on the date of application and the 182
219		-	number proposed to be created or retained, (4) the most recent 183 Substitute Bill No. 6767
	194	+	assistance from a disabled veteran business revolving loan fund, 145
	195	+	provided the disabled veteran business development entity shall give 146
	196	+	priority to applicants that, as part of their business plan, are creating 147
	197	+	new jobs that will be maintained for not less than twelve consecutive 148
	198	+	months. 149
	199	+	(5) Loans from a disabled veteran business revolving loan fund shall 150
	200	+	be provided in such a manner that, on or before five years after the date 151
	201	+	such loan fund is established, the annual funds or revenues derived 152
	202	+	from investment income, loan repayments or any other sources received 153
	203	+	by the disabled veteran business development entity in connection with 154
	204	+	such loan fund is sufficient to fund the administrative costs associated 155
	205	+	with such loan fund. 156
	206	+	(6) A disabled veteran business development entity receiving a grant 157
	207	+	pursuant to this subsection shall annually submit to the commissioner a 158
	208	+	financial audit of grant expenditures until all grant moneys have been 159
	209	+	expended by such entity. Any such audit shall be prepared by an 160
	210	+	independent auditor and if the commissioner finds that any such grant 161
	211	+	is used for purposes that are not in conformity with uses set forth in 162
	212	+	subdivisions (2) and (3) of this subsection, the commissioner may 163
	213	+	require repayment of such grant. 164
	214	+	[(e)] (f) The commissioner, in consultation with representatives from 165
	215	+	Connecticut-based banks and a banking industry association, may 166
	216	+	establish as part of the Small Business Express program a component 167
	217	+	operated in collaboration with Connecticut-based banks, which may 168
	218	+	include, but need not be limited to, loan guarantees, short-term loans 169
	219	+	used as a bridge to private sector financing and the transfer of loans 170
	220	+	issued under subsection (c) of this section. Any loans issued under such 171
	221	+	component shall be used for acquisition or purchase of machinery and 172
	222	+	equipment, construction or leasehold improvements, relocation 173
	223	+	expenses, working capital, which may be used for payment of rent, or 174
	224	+	other business-related expenses, as authorized by the commissioner. 175
	225	+	The provisions of subsections (c), [and] (d) and (e) of this section shall 176
	226	+	Committee Bill No. 6767
220	227
221	228
222		-	LCO 7 of 8
	229	+	LCO No. 5278 7 of 9
223	230
224		-	employment figures of the small businesses receiving assistance, (5) the 184
225		-	default rate of small businesses that received assistance under said 185
226		-	program, and (6) the progress of the lenders participating in said 186
227		-	program in becoming self-sustainable. The contents of such report shall 187
228		-	also be included in the department's annual report. 188
229		-	[(h)] (i) The commissioner may contract with nongovernmental 189
230		-	entities, including, but not limited to, nonprofit organizations, economic 190
231		-	and community development organizations, lending institutions, and 191
232		-	technical assistance providers to carry out the provisions of this section. 192
233		-	Sec. 2. Section 32-7h of the general statutes is repealed and the 193
234		-	following is substituted in lieu thereof (Effective July 1, 2025): 194
235		-	(a) There is established an account to be known as the "small business 195
236		-	express assistance account" which will be a separate, nonlapsing 196
237		-	account within the General Fund. The account shall contain any moneys 197
238		-	required by law to be deposited in the account. Repayment of principal 198
239		-	and interest on loans shall be credited to such fund and shall become 199
240		-	part of the assets of the fund. Moneys in the account shall be expended 200
241		-	by the Department of Economic and Community Development for the 201
242		-	purposes of the Small Business Express program established pursuant 202
243		-	to section 32-7g, as amended by this act. Except as provided in 203
244		-	[subsection (d)] subsections (d) and (e) of section 32-7g, as amended by 204
245		-	this act, all moneys received for the purposes of the Small Business 205
246		-	Express program and payments of principal and interest on any loans 206
247		-	given under said program shall be credited to the account. 207
248		-	(b) Except as provided in [subsection (d)] subsections (d) and (e) of 208
249		-	section 32-7g, as amended by this act, the Commissioner of Economic 209
250		-	and Community Development may provide for the payment of any 210
251		-	administrative expenses or other costs incurred by the department or its 211
252		-	lender partners in carrying out the purposes of the Small Business 212
253		-	Express program not to exceed five per cent of funding from this 213
254		-	program from the account established pursuant to subsection (a) of this 214
255		-	section, provided one per cent shall be dedicated to develop capacity for 215 Substitute Bill No. 6767
	231	+	not be construed to apply to such component. Such component shall be 177
	232	+	administered by Connecticut Innovations, Incorporated, in 178
	233	+	collaboration with the Department of Economic and Community 179
	234	+	Development. For purposes of this section, "Connecticut-based banks" 180
	235	+	means banks and out-of-state banks, each as defined in section 36a-2, 181
	236	+	having deposit-taking branches in the state. 182
	237	+	[(f)] (g) The commissioner, in consultation with Connecticut 183
	238	+	Innovations, Incorporated, may establish as part of the Small Business 184
	239	+	Express program a component operated in collaboration with 185
	240	+	Connecticut Innovations, Incorporated, which may include, but need 186
	241	+	not be limited to, financial assistance consistent with the provisions and 187
	242	+	purposes of sections 32-23e, 32-23ii and 32-265. Such component may be 188
	243	+	administered by Connecticut Innovations, Incorporated, in 189
	244	+	collaboration with the Department of Economic and Community 190
	245	+	Development. 191
	246	+	[(g)] (h) Not later than February 1, 2022, and annually thereafter, the 192
	247	+	commissioner shall provide a report, in accordance with the provisions 193
	248	+	of section 11-4a, to the joint standing committees of the General 194
	249	+	Assembly having cognizance of matters relating to finance, revenue and 195
	250	+	bonding, appropriations, commerce and labor. Such report shall include 196
	251	+	available data on (1) the number of small businesses that received 197
	252	+	assistance under the Small Business Express program and the general 198
	253	+	categories of such businesses, (2) the amounts and types of assistance 199
	254	+	provided, (3) the total number of jobs on the date of application and the 200
	255	+	number proposed to be created or retained, (4) the most recent 201
	256	+	employment figures of the small businesses receiving assistance, (5) the 202
	257	+	default rate of small businesses that received assistance under said 203
	258	+	program, and (6) the progress of the lenders participating in said 204
	259	+	program in becoming self-sustainable. The contents of such report shall 205
	260	+	also be included in the department's annual report. 206
	261	+	[(h)] (i) The commissioner may contract with nongovernmental 207
	262	+	entities, including, but not limited to, nonprofit organizations, economic 208
	263	+	Committee Bill No. 6767
256	264
257	265
258		-	LCO 8 of 8
	266	+	LCO No. 5278 8 of 9
259	267
260		-	capital construction projects for minority business enterprises. 216
	268	+	and community development organizations, lending institutions, and 209
	269	+	technical assistance providers to carry out the provisions of this section. 210
	270	+	Sec. 2. Section 32-7h of the general statutes is repealed and the 211
	271	+	following is substituted in lieu thereof (Effective July 1, 2025): 212
	272	+	(a) There is established an account to be known as the "small business 213
	273	+	express assistance account" which will be a separate, nonlapsing 214
	274	+	account within the General Fund. The account shall contain any moneys 215
	275	+	required by law to be deposited in the account. Repayment of principal 216
	276	+	and interest on loans shall be credited to such fund and shall become 217
	277	+	part of the assets of the fund. Moneys in the account shall be expended 218
	278	+	by the Department of Economic and Community Development for the 219
	279	+	purposes of the Small Business Express program established pursuant 220
	280	+	to section 32-7g, as amended by this act. Except as provided in 221
	281	+	[subsection (d)] subsections (d) and (e) of section 32-7g, as amended by 222
	282	+	this act, all moneys received for the purposes of the Small Business 223
	283	+	Express program and payments of principal and interest on any loans 224
	284	+	given under said program shall be credited to the account. 225
	285	+	(b) Except as provided in [subsection (d)] subsections (d) and (e) of 226
	286	+	section 32-7g, as amended by this act, the Commissioner of Economic 227
	287	+	and Community Development may provide for the payment of any 228
	288	+	administrative expenses or other costs incurred by the department or its 229
	289	+	lender partners in carrying out the purposes of the Small Business 230
	290	+	Express program not to exceed five per cent of funding from this 231
	291	+	program from the account established pursuant to subsection (a) of this 232
	292	+	section, provided one per cent shall be dedicated to develop capacity for 233
	293	+	capital construction projects for minority business enterprises. 234
261	294		This act shall take effect as follows and shall amend the following
262	295		sections:
263	296
264	297		Section 1 July 1, 2025 32-7g
265	298		Sec. 2 July 1, 2025 32-7h
266	299
267		-	Statement of Legislative Commissioners:
268		-	In Section 1(b)(3), "at least one" was changed to "a" for consistency.
	300	+	Committee Bill No. 6767
269	301
270		-	VA Joint Favorable Subst. C/R APP
	302	+
	303	+	LCO No. 5278 9 of 9
	304	+
	305	+	Statement of Purpose:
	306	+	To establish, as part of the Small Business Express program, at least one
	307	+	revolving loan fund to provide loans to eligible small businesses of
	308	+	which greater than fifty per cent are owned by one or more disabled
	309	+	veterans.
	310	+
	311	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	312	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	313	+	underlined.]
	314	+
	315	+	Co-Sponsors: REP. FOSTER, 57th Dist.; REP. ROJAS, 9th Dist.
	316	+
	317	+	H.B. 6767
	318	+
271	319