HB147 Alabama 2015 Session

This bill would create a program through which small businesses that suffer loss during a disaster could apply for short-term financial assistance when the Governor issues a disaster declaration until the small business receives alternate financing or insurance proceeds

This bill would provide that the program would be administered by the Department of Commerce and the State Industrial Development Authority

This bill would establish requirements for a small business to receive financial assistance under the program and would specify a minimum and maximum amount for loans made under the program

This bill would authorize the authority to obtain a line of credit from an approved lender for the purpose of implementing the program

This bill would specify the full faith, credit, and resources of the state would be pledged as security for repayment of the line of credit

To establish the Alabama Disaster Small Business Bridge Loan Act to provide short-term loans for small businesses that suffer physical damage as a result of a disaster for which the Governor has issued a disaster declaration; to provide for administration of the loan program by the Alabama Department of Commerce; to authorize the department to establish the loan program with federally insured financial institutions and other lending institutions approved by the department; to provide the minimum and maximum amounts and terms for the loans; to establish eligibility requirements; and to authorize the State Industrial Development Authority to obtain a line of credit from a commercial lender, investment banking group, or a consortium of either or both, for the purpose of funding the loan program; and to guarantee repayment.