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  • Summary date: May 3 2024 - View Summary

    Requires the Joint Legislative Economic Development and Global Engagement Oversight Committee (Committee) and the Department of Commerce (Department) to study the potential costs and anticipated benefits of a program that provides funding for microloans and business training by nonprofit economic development entities for aspiring low-income entrepreneurs without access to commercial credit markets so as to provide a pathway for business and employment growth and establishing credit to facilitate traditional banking relationships. Sets out six items that must be included in the study, including a determination of the proper term of the microloan and maximum amount of the loan and interest rate, and a determination of income eligibility limits. Requires the Department to report to the Committee by December 1, 2024, and for the Committee to report to the NCGA by the convening of the 2025 Regular Session.

    Appropriates $10,000 for 2024-25 from the General Fund to the Department for the study.

    Effective July 1, 2024.