2015 -- H 5891

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LC002026

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2015

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- TRANSITIONING VETERANS'

SMALL BUSINESS LOAN PROGRAM

     

     Introduced By: Representatives Lancia, Marshall, Azzinaro, Abney, and Costa

     Date Introduced: March 13, 2015

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Title 42 of the General Laws entitled "STATE AFFAIRS AND

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GOVERNMENT" is hereby amended by adding thereto the following chapter:

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CHAPTER 64.20

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TRANSITIONING VETERANS' SMALL BUSINESS LOAN PROGRAM

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     42-64.20-1. Short title. – This chapter shall be known and may be cited as the

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"Transitioning Veterans' Small Business Loan Program."

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     42-64.20-2. Development. -- The director of the Rhode Island commerce corporation

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and/or his or her successor as secretary of commerce shall develop a transitioning veterans' small

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business loan program.

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     42-64.20-3. Definitions. -- As used in this chapter, the following word and term shall

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have the following meaning:

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     (1) "Transitioning veteran" means a veteran who has left active duty and is transitioning

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back into the civilian workforce.

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     42-64.20-4. Purposes. -- The transitioning veterans' small business loan program shall:

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     (1) Provide transitioning veterans with business plan assistance;

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     (2) Provide transitioning veterans with an ongoing mentorship in business development

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and execution;

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     (3) Promote small business loans to transitioning veterans;

 

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     (4) Provide small business loans not to exceed fifty thousand dollars ($50,000) per

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veteran and one million dollars ($1,000,000) in total per year; and

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     (5) Partner with the United States Small Business Administration and private lenders to

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leverage the funds available to transitioning veterans seeking to start a small business in Rhode

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Island.

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     42-64.20-5. Transitioning veterans' small business loan account established as a

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special revenue fund. – (a) Establishment. The "transitioning veterans' small business loan

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account" is hereby established as a special revenue fund in the commerce corporation.

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     (b) Purpose. The transitioning veterans' small business loan account shall be used for the

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transitioning veterans' small business loan program, as specified in this chapter. Monies in the

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account shall be allocated as specified in this chapter and shall not exceed available funds in the

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account.

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     (c) Appropriation. The general assembly shall annually appropriate such funds as the

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general assembly determines are necessary to support the transitioning veterans' small business

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loan program.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- TRANSITIONING VETERANS'

SMALL BUSINESS LOAN PROGRAM

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     This act would create a transitioning veterans' small business loan program through the

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commerce corporation.

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     This act would take effect upon passage.

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