Bill Text: VA HB1263 | 2016 | Regular Session | Chaptered
Bill Title: Small, Women-owned, and Minority-owned Business Loan Fund; Va. Small Business Financing Authority.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-03-29 - Governor: Acts of Assembly Chapter text (CHAP0519) [HB1263 Detail]
Download: Virginia-2016-HB1263-Chaptered.html
Be it enacted by the General Assembly of Virginia: 1. That §2.2-2311.1 of the Code of Virginia is amended and reenacted as follows: §2.2-2311.1. Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund. A. For the purposes of this section: "Eligible small business" means any person engaged in a for-profit business enterprise in the Commonwealth and such enterprise has (i) $10 million or less in annual gross income under generally accepted accounting principles for up to each of its last three fiscal years or lesser time period if it has been in existence less than three years, (ii) fewer than 250 employees, or (iii) a net worth of $1 million or less, or such business enterprise meets such other satisfactory requirements as the Board shall determine from time to time upon a finding that such business enterprise is in need of assistance. "Fund" means the Small, Women-owned, and Minority-owned Business Loan Fund. "Minority-owned business" means a for-profit small business concern that is majority-owned by one or more individuals of an ethnic or racial minority. In the case of a corporation, a majority of the stock shall be owned by one or more such individuals and the management and daily business operations shall be controlled by one or more of the individuals of an ethnic or racial minority who own it. "Women-owned business" means a for-profit small business concern that is majority-owned by one or more women. In the case of a corporation, a majority of the stock shall be owned by one or more women and the management and daily business operations shall be controlled by one or more of the women who own it. B. There is created C. The Authority, or its designated agents, shall determine the qualifications, terms, and conditions for the use of the Fund and the accounts thereof. |