Section 41-23-60 – Short Title.
Section 41-23-60 Short title. This article will be known as the “Alabama Small Business Incubator Act of 1994.” (Acts 1993, No. 93-543, p. 895, §2.)
Section 41-23-61 – Definitions.
Section 41-23-61 Definitions. As used in this article, the following words and phrases shall have the following meanings: (1) ADVISORY COUNCIL. A subcommittee of the committee. (2) BASE FUNDS. Any money not appropriated pursuant to this article, that is used to match the state funds. Base funds may be federal, local, private, foundation grants, or […]
Section 41-23-62 – Responsibilities of Loan Policy Committee.
Section 41-23-62 Responsibilities of loan policy committee. The committee is responsible for the implementation of this article, including, but not limited to: (1) Assessing the current status of small business incubators in Alabama. (2) Establishing criteria for the awarding of any grants. (3) Reviewing and approving applications for grants. (4) Creating an advisory council of […]
Section 41-23-63 – Promulgation of Rules and Regulations Governing Allocation and Accountability of Funds.
Section 41-23-63 Promulgation of rules and regulations governing allocation and accountability of funds. The department shall establish policies and procedures necessary to insure accountability of funds relative to state statutes and federal programs to which the funds may be pledged as a required match. The policies and procedures shall be reviewed and shall be approved […]
Section 41-23-64 – Establishment of Grant Programs.
Section 41-23-64 Establishment of grant programs. The following grant programs shall be established: (1) FEASIBILITY STUDY MATCHING GRANTS. As a necessary step in incubator start-ups, funds may be provided on a 50 percent state to 50 percent sponsor basis. Any feasibility study shall conform to the format established by the National Business Incubator Association. The […]
Section 41-23-65 – Use of Funds; Remuneration.
Section 41-23-65 Use of funds; remuneration. The committee may use funds for the purpose of implementing and administering this article. Legislative members of the committee may receive their regular legislative compensation for attendance of committee meetings. Other committee members shall be entitled to per diem and mileage allowances in the same amount as state employees […]
Section 41-23-66 – Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment.
Section 41-23-66 Disbursed grant funds not utilized to revert to loans; repayment. If state grant funds are not utilized for the purposes stated in the approved grant application within two years of the date of the grant award, then the disbursed grant funds shall revert to loans. Repayment of these funds shall be made in […]