Bill Summary for H 774 (2023-2024)

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Summary date: 

Apr 20 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
House Bill 774 (Public) Filed Tuesday, April 18, 2023
AN ACT REQUIRING THE JOINT LEGISLATIVE ECONOMIC DEVELOPMENT AND GLOBAL ENGAGEMENT OVERSIGHT COMMITTEE TO STUDY A PROGRAM TO PROVIDE MICROLOANS TO SMALL, LOW-INCOME BUSINESSES WITH LIMITED ACCESS TO COMMERCIAL CREDIT MARKETS.
Intro. by Lofton, Harris.

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Bill summary

Directs the Joint Legislative Economic Development and Global Engagement Oversight Committee (Committee) to study the potential cost for and anticipated benefits from establishing a program to provide funding for microloans and business training by nonprofit economic development entities across the State for aspiring low-income entrepreneurs. Adds that the purpose of the program is to grant access to commercial credit markets and establish credit to facilitate traditional banking relationships. Lists five required components of the study, including determining the proper term, limits, and eligibility requirements for microloans, as well as other matters the Committee deems relevant. Directs the Committee to report to the 2024 NCGA Session.