2.2-2280 - Declaration of public purpose; Authority created. - Virginia Statutes

§ 2.2-2280. Declaration of public purpose; Authority created.

A. The General Assembly finds and determines that (i) there exists in theCommonwealth a need to assist small and other eligible businesses in theCommonwealth in obtaining financing for new business or in the expansion ofexisting business in order to promote and develop industrial development andto further the long-term economic development of the Commonwealth through theimprovement of its tax base and the promotion of employment and (ii) it isnecessary to create a governmental body to provide financial assistance tosmall and other eligible businesses in the Commonwealth by providing loans,guarantees, insurance and other assistance to small and other eligiblebusinesses, thereby encouraging the investment of private capital in smalland other eligible businesses in the Commonwealth. The creation of thisgovernmental body to assist in such matters is essential to the industrialdevelopment of the Commonwealth. In making these determinations, the GeneralAssembly has considered and affirmatively expresses its policy to assistsmall and other eligible businesses in Virginia, acknowledging that thisdetermination has and will affect competition.

It is further declared that all of the foregoing are public purposes and thatthe activities of the Authority will serve a public purpose in that they willpromote industry, develop trade and increase employment opportunities for thebenefit of the inhabitants of the Commonwealth, either through the increaseof commerce or through the promotion of safety, health, welfare, convenienceor prosperity; and that the necessity of enacting the provisions herein setforth is in the public interest and is so declared as a matter of expresslegislative determination.

B. The Virginia Small Business Financing Authority is created, with suchpowers and duties as are set forth in this article, as a public bodycorporate and as a political subdivision of the Commonwealth. All powers,rights and duties conferred by this article or other provisions of law uponthe Authority shall be exercised by the Board.

(1984, c. 749, § 9-201; 2001, c. 844; 2009, c. 565.)