Section 42-64.25-1. – Short title.

§ 42-64.25-1. Short title. This chapter shall be known as the “Small Business Assistance Program Act.” History of Section.P.L. 2015, ch. 141, art. 19, § 8.

Section 42-64.25-10. – Discretion.

§ 42-64.25-10. Discretion. The commerce corporation shall have no obligation to grant any loan under this chapter or provide any funding to a lending organization. History of Section.P.L. 2015, ch. 141, art. 19, § 8.

Section 42-64.25-11. – Limitations.

§ 42-64.25-11. Limitations. (a) The commerce corporation shall not grant any financial commitment from state program funds to any applicant in excess of seven hundred and fifty thousand ($750,000) dollars under this program. (b) The commerce corporation shall have no authority to award grants except to technical assistance providers under this program. History of Section.P.L. […]

Section 42-64.25-12. – Reporting requirements.

§ 42-64.25-12. Reporting requirements. The commerce corporation shall publish a report on the small business capital access fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practicable, track the economic impact of […]

Section 42-64.25-13. – Program integrity.

§ 42-64.25-13. Program integrity. Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program. History of Section.P.L. 2015, […]

Section 42-64.25-14. – Sunset.

§ 42-64.25-14. Sunset. No grants, funding, or incentives shall be authorized pursuant to this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 8; P.L. 2018, ch. 47, art. 12, § 7; P.L. 2019, ch. 88, art. 12, § 15; P.L. 2020, ch. 80, art. 1, § 27; P.L. 2021, […]

Section 42-64.25-2. – Statement of intent.

§ 42-64.25-2. Statement of intent. The general assembly hereby finds and declares that small businesses are the economic backbone of the state and the source of a majority of new jobs. The general assembly further finds that too many such businesses often have difficulty obtaining capital from traditional banking organizations to start up, improve or […]

Section 42-64.25-3. – Establishment of small business capital access fund.

§ 42-64.25-3. Establishment of small business capital access fund. The small business capital access fund program is hereby created within the Rhode Island commerce corporation. The commerce corporation is authorized, within available appropriations, to provide direct assistance and/or partner with lending organizations to provide funding for loans to small businesses located in Rhode Island. As […]

Section 42-64.25-4. – Qualifications of lending organizations.

§ 42-64.25-4. Qualifications of lending organizations. The commerce corporation may elect to partner with an outside lending organization and authorize that organization to receive and administer program funds. Before partnering with an outside lending organization, the commerce corporation may identify eligible lending organizations through one or more competitive statewide or regional solicitations. History of Section.P.L. […]

Section 42-64.25-5. – Program loan structures.

§ 42-64.25-5. Program loan structures. Loan programs shall be structured by the commerce corporation that may include, but not be limited to, the following programs: (a) financing programs for companies that require additional capital outside of conventional senior debt or equity financing channels; (b) direct lending of subordinated and mezzanine debt; (c) collateral support in […]

Section 42-64.25-6. – Micro-loan allocation.

§ 42-64.25-6. Micro-loan allocation. 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 […]

Section 42-64.25-7. – Lending organization reports.

§ 42-64.25-7. Lending organization reports. Any participating lending organizations shall submit to the commerce corporation annual reports stating the following: the number of program loans made; the amount of program funding used for loans; the use of loan proceeds by the borrowers; the number of jobs created or retained; a description of the economic development […]

Section 42-64.25-8. – Audits.

§ 42-64.25-8. Audits. The commerce corporation may conduct audits of any participating lending organization in order to ensure compliance with the provisions of this chapter, any regulations promulgated with respect thereto and agreements between the lending organizations and the commerce corporation on all aspects of the use of program funds and program loan transactions. In […]

Section 42-64.25-9. – Termination.

§ 42-64.25-9. Termination. Upon termination of a lending organization’s participation in the program, the lending organization shall return to the commerce corporation, promptly after its demand therefor, an accounting of all program funds received by the lending organization, including a transfer of all currently outstanding loans that were made using program funds. Notwithstanding such termination, […]