1997 Session

Budget Amendments - HB1600 (Committee Approved)

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Small Business Growth Fund

Item 97.10 #4h

Item 97.10 #4h

First Year - FY1997 Second Year - FY1998
Commerce And Trade
Business Assistance, Department of FY1997 $0 FY1998 $250,000 GF

Page 75, line 14, strike "$17,006,955" and insert "$17,256,955".
Page 75, after line 36, insert:
"C.  Out of the amounts in this item shall be provided $350,000 the second year from the general fund to establish the Small Business Growth Fund within the Virginia Small Business Financing Authority.  "

(This amendment provides general fund support to establish, through a public-private partnership, a loan loss reserve fund to encourage the private sector to offer low interest loans. The Commonwealth would match reserve fund premiums paid by borrowers and banks to give banks the ability to take greater risks on unconventional loans.)