2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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VSBFA Capitalization

Item 102 #1h

Item 102 #1h

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Business Assistance, Department of FY2007 $2,500,000 FY2008 $0 GF

Page 80, line 14, strike "$12,764,728" and insert "$15,264,728".
Page 81, after line 11, insert:
"E. Out of the amounts provided in this item, $2,500,000 in the first year shall be shall be used to support the programs managed by the Virginia Small Business Financing Authority.  Of this amount, as much as $175,000 in the first year and $175,000 in the second year may be used for costs associated with administering the programs.  These include the Virginia Small Business Growth Fund (§ 2.2-2310, Code of Virginia); the Virginia Export Fund (§ 2.2-2309, Code of Virginia); Capital Access Fund for Disadvantaged Businesses (§ 2.2-2311, Code of Virginia) and the Insurance or Guarantee Fund (§ 2.2-2290, Code of Virginia)."

(This amendment provides $2,500,000 in the first year to recapitalize the VSBFA's programs. The agency had identified recapitalizing its program as among its budgetary priorities yet funding was not included in House Bill 5002 as introduced.)