17-6-401. Short title

17-6-401. Short title. This part may be cited as the “Microbusiness Development Act”. History: En. Sec. 1, Ch. 602, L. 1991.

17-6-402. Legislative findings and purpose

17-6-402. Legislative findings and purpose. (1) The legislature finds and declares that: (a) it is the policy of the state to foster and encourage economic development within the state in order to promote the general welfare of the people; (b) no program exists by which the state encourages and assists in the creation, development, and financing of businesses […]

17-6-403. Definitions

17-6-403. Definitions. As used in this part, the following definitions apply: (1) ”Certified microbusiness development corporation” means a microbusiness development corporation certified pursuant to 17-6-408. (2) ”Department” means the department of commerce provided for in 2-15-1801. (3) ”Development loan” means money loaned to a certified microbusiness development corporation by the department for the purpose of making microbusiness loans under […]

17-6-404. and 17-6-405 reserved

17-6-404 and 17-6-405 reserved.

17-6-406. Microbusiness finance program — powers and duties of department

17-6-406. Microbusiness finance program — powers and duties of department. There is a microbusiness finance program administered by the department. The department shall adopt rules to implement the provisions of this part, including but not limited to: (1) establishing criteria and procedures for certifying microbusiness development corporations; (2) establishing criteria and procedures to select from competing development loan […]

17-6-407. Microbusiness development loan account and finance program administrative account — criteria — limitations

17-6-407. Microbusiness development loan account and finance program administrative account — criteria — limitations. (1) (a) There is in the state special revenue fund a microbusiness development loan account into which funds allocated for that purpose and money received in repayment of the principal of development loans must be deposited. (b) The department may make development loans from […]

17-6-408. Certification of microbusiness development corporations

17-6-408. Certification of microbusiness development corporations. The department may certify: (1) a microbusiness development corporation when it determines that the corporation: (a) has developed a viable plan for providing training, access to financing, and technical assistance for qualified microbusinesses; (b) has broad-based community support in a designated multicounty region of the state, as reflected, for example, by the membership […]

17-6-409. Authority to accept funds — funding authorization

17-6-409. Authority to accept funds — funding authorization. (1) The department may accept grants, donations, and other private and public income, including payments of interest on loans made by the department under the provisions of this part and fees charged by the department. The department shall deposit all money received under this section in the microbusiness […]

17-6-410. reserved

17-6-410 reserved.

17-6-411. Repealed

17-6-411. Repealed. Sec. 6, Ch. 351, L. 2003. History: En. Sec. 7, Ch. 602, L. 1991; amd. Sec. 2, Ch. 413, L. 1995.