81-12,103 Contracts with statewide microlending support organization; department; duties. - Nebraska Statutes

81-12,103. Contracts with statewide microlending support organization; department; duties.When engaging in contractual relationships with a statewide microlending support organization the department shall:(1) Require that appropriated funds to a statewide microlending support organization be matched by nonstate funds equivalent in money or in-kind contributions or a combination of both equal to twenty-five percent of the grant funds requested. Such matching funds can come from any nonstate source, including private foundations, federal or local government sources, quasi-governmental entities or commercial lending institutions, or any other funds whose source does not include funds appropriated from the Legislature. Such appropriated funds and matched funds shall be determined in the contractual agreement to be subject to the matching requirements required by the Microenterprise Development Act for the purposes of making grants to microloan delivery organizations;(2) Require the statewide microlending support organization to make and administer grants as specified by the purposes and granting criteria provided by the act; and(3) Require that no greater than ten percent of the appropriated or contracted funds are used for operating or administering the grant program provided by the act. SourceLaws 1997, LB 327, § 9; Laws 2000, LB 1348, § 16.