(a) "Treasurer" means the West Virginia Treasurer's Office. (b) "Eligible small business" means any business that: (1) Employs fifty or fewer employees and has gross annual receipts of $5 million or less; (2) is headquartered in this state; (3) is organized for profit; and (4) complies with the terms and conditions of this article regarding […]
The Treasurer shall invest in linked deposits. The total amount deposited at any one time shall not exceed, in the aggregate, $20 million. When deciding how much to invest in linked deposits, the Treasurer shall give priority to the investment, liquidity and cash flow needs of the state.
(a) An eligible lending institution that desires to participate in the linked deposit program shall accept and review loan applications from eligible small businesses that have been prepared with the advice of the Small Business Development Center. The lending institution shall apply all usual lending standards to determine the credit worthiness of each eligible small […]
(a) The Treasurer may accept or reject a linked deposit loan request or any portion of a request based on the criteria prescribed by this article. (b) Upon approving the linked deposit loan request, the Treasurer shall place a linked deposit with the lending institution. (c) The eligible lending institution shall enter into a deposit […]
(a) Upon the placement of a linked deposit with an eligible lending institution, the institution shall lend the funds to the approved eligible small business listed in the linked deposit loan package. A certification of compliance with this section shall be sent to the Small Business Development Center by the eligible lending institution. (b) As […]
The state, the Treasurer, the Department of Commerce, the West Virginia Development Office and the Small Business Development Center and their employees are not liable to any eligible lending institution in any manner for payment of the principal or interest on the loan to an eligible small business. Any delay in payment or default on […]
(a) Any person who knowingly makes a false statement concerning an application or violates another provision of this article is guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than $100 nor more than $500 or confined in jail not less than one month nor more than one year. (b) In […]
This article shall be effective from the amendment and reenactment of this article during the 2008 regular session of the Legislature, through July 1, 2013.
