Changes to Existing Law

There is established within the state treasury a fund to be known as the small business credit initiative fund for the purpose of making loans for economic development as permitted by the Small Business Jobs Act of 2010, 12 U.S.C. Chapter 54 (2021).

TheFor the purposes of §§ 1-53-15 to 1-53-19, inclusive, the Governor's Office of Economic Development may accept, expend, or loan for the purposes of §§ 1- 53-15 to 1-53-19, inclusive, any funds previously received or to be obtained from federal sources and any funds to be obtained from gifts, contributions, or any other source if such acceptance and expenditure is reported as required by § 4-7-7.2.

Any repayment of loans and interest thereon shall must be receipted into the small business credit initiative fund and expended by the Governor's Office of Economic Development for the following purposes: (1) The payment of administrative costs as permitted pursuant to U.S. Office of Management and Budget Circular A-87, Revised 2 C.F.R Part 200 Subpart E, as applicable, as in effect on January 1, 2012 2022; (2) The payment of taxes and liens and for the procuring of legal services and any other services necessary to protect, recover, maintain, or liquidate the assets of the small business credit initiative fund as permitted pursuant to U.S. Office of Management 24 and Budget Circular A-87, Revised 2 C.F.R Part 200 Subpart E, as applicable, as in effect on January 1, 2012 2022; and (3) The purpose of making Making loans for economic development as permitted by the Small Business Jobs Act of 2010, 12 U.S.C. Chapter 54 (2021). 4