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| 5 | 5 | | 2025 -- H 5469 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001084 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO STATE AFFAIRS AND GOVERNMENT -- SMALL BUSINESS |
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| 16 | 16 | | ASSISTANCE PROGRAM |
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| 17 | 17 | | Introduced By: Representatives Nardone, Quattrocchi, Santucci, Paplauskas, Hull, |
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| 18 | 18 | | Cortvriend, Place, Hopkins, Felix, and Shallcross Smith |
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| 19 | 19 | | Date Introduced: February 12, 2025 |
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| 20 | 20 | | Referred To: House Finance |
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| 21 | 21 | | |
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| 22 | 22 | | |
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| 23 | 23 | | It is enacted by the General Assembly as follows: |
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| 24 | 24 | | SECTION 1. Section 42-64.25-6 of the General Laws in Chapter 42-64.25 entitled "Small 1 |
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| 25 | 25 | | Business Assistance Program" is hereby amended to read as follows: 2 |
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| 26 | 26 | | 42-64.25-6. Micro-loan allocation. 3 |
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| 27 | 27 | | (a) Notwithstanding anything to the contrary in this chapter, not less than ten percent (10%) 4 |
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| 28 | 28 | | and not more than twenty-five percent (25%) of program funds will be allocated to “micro loans” 5 |
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| 29 | 29 | | with a principal amount between two thousand dollars ($2,000) and twenty-five thousand dollars 6 |
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| 30 | 30 | | ($25,000). Micro loans will be administered by lending organizations, which will be selected by 7 |
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| 31 | 31 | | the commerce corporation on a competitive basis and shall have experience in providing technical 8 |
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| 32 | 32 | | and financial assistance to microenterprises. 9 |
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| 33 | 33 | | (b) For the FY 25-26, the sum of two million dollars ($2,000,000) is hereby appropriated 10 |
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| 34 | 34 | | to this program from the general revenue fund. 11 |
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| 35 | 35 | | SECTION 2. This act shall take effect upon passage. 12 |
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| 36 | 36 | | ======== |
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| 37 | 37 | | LC001084 |
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| 38 | 38 | | ======== |
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| 40 | 40 | | |
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| 41 | 41 | | LC001084 - Page 2 of 2 |
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| 42 | 42 | | EXPLANATION |
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| 43 | 43 | | BY THE LEGISLATIVE COUNCIL |
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| 44 | 44 | | OF |
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| 45 | 45 | | A N A C T |
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| 46 | 46 | | RELATING TO STATE AFFAIRS AND GOVERNMENT -- SMALL BUSINESS |
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| 47 | 47 | | ASSISTANCE PROGRAM |
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| 48 | 48 | | *** |
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| 49 | 49 | | This act would appropriate two million dollars ($2,000,000) to the micro-loan program for 1 |
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| 50 | 50 | | FY 25-26. 2 |
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| 51 | 51 | | This act would take effect upon passage. 3 |
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| 52 | 52 | | ======== |
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| 53 | 53 | | LC001084 |
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| 54 | 54 | | ======== |
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