HB147 Alabama 2015 Session

Summary

Primary Sponsor

Adline ClarkeRepresentative

Democrat

Session

Regular Session 2015

Title

Small business, disaster short-term loan program, administration by Commerce Department and Industrial Development Authority, funds guaranteed by state

Description

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.

Show more Show less

Subjects

Economic Development