UNOFFICIAL COPY 25 RS BR 1642
Page 1 of 1
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AN ACT relating to small business. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
ď˘Section 1. KRS 154.12-330 is amended to read as follows: 3
(1) The Kentucky Economic Development Finance Authority is hereby authorized to 4
develop and fund a small business loan program to assist new or existing small 5
businesses operating in the Commonwealth. The authority may lend up to one 6
hundred thousand dollars ($100,000) to any eligible small business for acquisition, 7
construction, expansion, working capital, or any other business expense the 8
authority deems reasonable to approve. 9
(2) The authority shall determine the terms, conditions, and requirements for loans 10
issued under this section, including collateral requirements when deemed 11
reasonable and appropriate. Recognizing that small businesses, while essential for 12
the economic vitality of the Commonwealth, may have difficulty obtaining 13
conventional loans, the authority may provide terms that are more lenient, high-risk, 14
less secure, or otherwise less stringent than industry standards. 15
(3) To be eligible for a loan under this section, a small business shall: 16
(a) Be engaged in manufacturing, agribusiness, or service or technology;[, shall ] 17
(b) Not be engaged primarily in retail;[,] and[ shall ] 18
(c) Commit to creating and maintaining at least one (1) new full-time job above 19
the number existing on the date of application. 20