§ 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 organizations, which will be selected by the commerce corporation on a competitive basis and shall have experience in providing technical and financial assistance to microenterprises.
History of Section.P.L. 2015, ch. 141, art. 19, § 8; P.L. 2018, ch. 47, art. 12, § 15.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.25 - Small Business Assistance Program
Section 42-64.25-1. - Short title.
Section 42-64.25-2. - Statement of intent.
Section 42-64.25-3. - Establishment of small business capital access fund.
Section 42-64.25-4. - Qualifications of lending organizations.
Section 42-64.25-5. - Program loan structures.
Section 42-64.25-6. - Micro-loan allocation.
Section 42-64.25-7. - Lending organization reports.
Section 42-64.25-9. - Termination.
Section 42-64.25-10. - Discretion.
Section 42-64.25-11. - Limitations.
Section 42-64.25-12. - Reporting requirements.