Bill > H5469

This bill amends the Small Business Assistance Program's micro-loan allocation statute to appropriate two million dollars ($2,000,000) from the general revenue fund for fiscal year 2025-2026. The bill maintains the existing requirement that between 10% and 25% of program funds be allocated to "micro-loans", which are defined as loans with principal amounts ranging from $2,000 to $25,000. These micro-loans will continue to be administered by lending organizations selected by the commerce corporation on a competitive basis, with the requirement that these organizations have experience providing technical and financial assistance to microenterprises. The appropriation specifically allocates the $2 million to support these small business micro-loans, and the bill will take effect immediately upon its passage.

Budget and Finance

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