2013 -- H 6068

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LC02352

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND COMMERCE

CORPORATION - RAPID RHODY LENDING PROGRAM

     Introduced By: Representatives Ruggiero, Craven, Tomasso, Finn, and Nunes

     Date Introduced: May 01, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Economic

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Development Corporation" is hereby amended by adding thereto the following section:

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     42-64-38. Rapid Rhody lending program. -- (a) There shall be within the Rhode Island

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commerce corporation a coordinated lending program to be known as the "Rapid Rhody lending

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program," structured to meet the needs of small employers within the state of Rhode Island.

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     (b) The program shall be administered by the commerce corporation's board of directors,

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integrated with the small business loan fund program within the corporation, and focused on

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providing access to capital within ninety (90) days to employers with under one hundred (100)

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employees. Other conditions may be established by the board, provided the program shall require

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the small business loan recipient to:

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     (1) Have operations in Rhode Island;

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     (2) Have been registered to conduct business for not less than twelve (12) months;

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     (3) Be current with the payment of all state taxes; and

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     (4) Maintain its business and jobs within the state of Rhode Island for a period of at least

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two (2) years after receipt of any such loan.

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     SECTION 2. This act shall take effect on January 1, 2014.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND COMMERCE

CORPORATION - RAPID RHODY LENDING PROGRAM

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     This act would establish a new small business lending program in the newly-established

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Rhode Island Commerce Corporation.

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     This act would take effect on January 1, 2014.

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LC02352

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