Bill Title: Creates the Microloan Program Act. Authorizes the Director of Commerce and Economic Opportunity to (i) make loans to eligible intermediaries for the purpose of making short-term, fixed rate loans to certain business concerns, (ii) make grants to those intermediaries to provide marketing, management, and technical assistance to small business concerns, and (iii) make grants to non-profit entities for the purpose of providing marketing, management, and technical assistance to low-income individuals under certain circumstances. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for loans made to intermediaries; marketing, management, and technical assistance grants to intermediaries; private sector borrowing technical assistance grants; and loans to small business concerns from eligible intermediaries. Requires the Department to file certain reports with the General Assembly. Amends the State Finance Act to create the Business Loan and Investment Fund as a special fund in the State treasury. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act.

Spectrum: Slight Partisan Bill (Democrat 30-16)

Status: (Enrolled - Dead) 2011-01-06 - Sent to the Governor [HB5420 Detail]

Text: Latest bill text (Enrolled) [HTML]

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