154.12.330 Authorization to develop and fund small business loan program -- $100,000 limit -- Requirements. - Kentucky Statutes

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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
businesses operating in the Commonwealth. The authority may lend up to one
hundred thousand dollars ($100,000) to any eligible small business for acquisition,
construction, expansion, working capital, or any other business expense the
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
reasonable and appropriate. Recognizing that small businesses, while essential for
the economic vitality of the Commonwealth, may have difficulty obtaining
conventional loans, the authority may provide terms that are more lenient, high-risk,
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
primarily in retail, and shall commit to creating and maintaining at least one (1) new
full-time job above the number existing on the date of application. Effective: June 20, 2005
History: Created 2005 Ky. Acts ch. 158, sec. 2, effective June 20, 2005.