2025 -- H 5469

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LC001084

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2025

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- SMALL BUSINESS

ASSISTANCE PROGRAM

     Introduced By: Representatives Nardone, Quattrocchi, Santucci, Paplauskas, Hull,
Cortvriend, Place, Hopkins, Felix, and Shallcross Smith

     Date Introduced: February 12, 2025

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 42-64.25-6 of the General Laws in Chapter 42-64.25 entitled "Small

Business Assistance Program" is hereby amended to read as follows:

     42-64.25-6. Micro-loan allocation.

     (a) Notwithstanding anything to the contrary in this chapter, not less than ten percent (10%)

and not more than twenty-five percent (25%) of program funds will be allocated to “micro loans”

with a principal amount between two thousand dollars ($2,000) and twenty-five thousand dollars

($25,000). Micro loans will be administered by lending organizations, which will be selected by

the commerce corporation on a competitive basis and shall have experience in providing technical

and financial assistance to microenterprises.

     (b) For the FY 25-26, the sum of two million dollars ($2,000,000) is hereby appropriated

to this program from the general revenue fund.

     SECTION 2. This act shall take effect upon passage.

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LC001084

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- SMALL BUSINESS

ASSISTANCE PROGRAM

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     This act would appropriate two million dollars ($2,000,000) to the micro-loan program for

FY 25-26.

     This act would take effect upon passage.

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LC001084

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