Capital Access Fund for Disadvantaged Businesses

Item 96 #2s

Language
Page 83, line 19, strike "$2,336,524" and insert "$1,336,524".
Page 83, strike line 30 and insert:
"The Department shall work with the Virginia Small Business Financing Authority of the Department of Business Assistance to market the Authority's Virginia Capital Access Program to minority-owned financial institutions and other financial institutions with minority loan programs.".
Page 83, strike lines 31 through 39.

Explanation
(This amendment removes the funding for the proposed Capital Access Fund for Disadvantaged Businesses. A companion amendment for the Department of Business Assistance provides $500,000 to increase state support for that agency's Virginia Capital Access Program, which provides capital for Virginia businesses by encouraging banks to make loans that they would otherwise not, due to a borrower's risk profile. The Virginia Capital Access Program leverages funding by establishing a loan loss reserve at participating banks.)