2025 -- H 5469
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LC001084
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S T A T E O F R H O D E I S L A N D
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2025
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A N A C T
RELATING TO STATE AFFAIRS AND GOVERNMENT -- SMALL BUSINESS
ASSISTANCE PROGRAM
Introduced By: Representatives Nardone, Quattrocchi, Santucci, Paplauskas, Hull,
Cortvriend, Place, Hopkins, Felix, and Shallcross Smith
Date Introduced: February 12, 2025
Referred To: House Finance
It is enacted by the General Assembly as follows:
SECTION 1. Section 42-64.25-6 of the General Laws in Chapter 42-64.25 entitled "Small 1
Business Assistance Program" is hereby amended to read as follows: 2
42-64.25-6. Micro-loan allocation. 3
(a) Notwithstanding anything to the contrary in this chapter, not less than ten percent (10%) 4
and not more than twenty-five percent (25%) of program funds will be allocated to “micro loans” 5
with a principal amount between two thousand dollars ($2,000) and twenty-five thousand dollars 6
($25,000). Micro loans will be administered by lending organizations, which will be selected by 7
the commerce corporation on a competitive basis and shall have experience in providing technical 8
and financial assistance to microenterprises. 9
(b) For the FY 25-26, the sum of two million dollars ($2,000,000) is hereby appropriated 10
to this program from the general revenue fund. 11
SECTION 2. This act shall take effect upon passage. 12
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LC001084
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LC001084 - Page 2 of 2
EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO STATE AFFAIRS AND GOVERNMENT -- SMALL BUSINESS
ASSISTANCE PROGRAM
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This act would appropriate two million dollars ($2,000,000) to the micro-loan program for 1
FY 25-26. 2
This act would take effect upon passage. 3
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LC001084
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