154.1 2-330 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 existin g 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 dee ms 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 esse ntial 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 fo r 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 standards. (3) To be eligible fo r 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 num ber existing on the date of application. Effective: June 20, 2005 History: Created 2005 Ky. Acts ch. 158, sec. 2, effective June 20, 2005.
Kentucky Legal Code