Section 802 – Distribution of fund money.
Effective 7/1/2022 63N-3-802. Distribution of fund money. (1) (a) The office shall make loans and loan guarantees from the fund for the Small Business Credit Initiative created under the Small Business Jobs Act of 2010, 12 U.S.C. Sec. 5701 et seq., as amended, to use federal money for programs that leverage private lending to help […]
Section 803 – Annual accounting.
Effective 7/1/2022 63N-3-803. Annual accounting. (1) The office shall monitor the activities of recipients of the loans and loan guarantees issued under this part on a yearly basis to ensure compliance with the terms and conditions imposed on the recipient by the office under this part. (2) An entity receiving a loan or loan guarantee […]
Section 801 – Creation and administration.
Effective 7/1/2022 63N-3-801. Creation and administration. (1) There is created an enterprise fund known as the “State Small Business Credit Initiative Program Fund” administered by the office. (2) The executive director or the executive director’s designee is the administrator of the fund. (3) Revenues deposited into the fund shall consist of: (a) grants, pay backs, […]