154.12.330 Authorization to develop and fund small business loan program -- $100,000 limit -- Requirements.
Download pdf
Loading PDF...
<![CDATA[ Page 1 of 1 154.12-330 Authorization to develop and fund small business loan program -- $100,000 limit -- Requirements. (1) The Kentucky Economic Development Finance Authority is hereby authorized to develop and fund a small business loan program to assist new or existing small <br>businesses operating in the Commonwealth. The authority may lend up to one <br>hundred thousand dollars ($100,000) to any eligible small business for acquisition, <br>construction, expansion, working capital, or any other business expense the <br>authority deems reasonable to approve. (2) The authority shall determine the terms, conditions, and requirements for loans issued under this section, including collateral requirements when deemed <br>reasonable and appropriate. Recognizing that small businesses, while essential for <br>the economic vitality of the Commonwealth, may have difficulty obtaining <br>conventional loans, the authority may provide terms that are more lenient, high-risk, <br>less secure, or otherwise less stringent than industry standards. (3) To be eligible for a loan under this section, a small business shall be engaged in manufacturing, agribusiness, or service or technology, shall not be engaged <br>primarily in retail, and shall commit to creating and maintaining at least one (1) new <br>full-time job above the number existing on the date of application. Effective: June 20, 2005 <br>History: Created 2005 Ky. Acts ch. 158, sec. 2, effective June 20, 2005. ]]>