AN ACT TO APPROPRIATE FUNDS TO CAROLINA SMALL BUSINESS DEVELOPMENT FUND TO INCREASE ACCESS TO LENDING AND BUSINESS SERVICES FOR SMALL BUSINESSES IN THE STATE.
Appropriates $3 million in recurring funds from the General Fund to the Carolina Small Business Development Fund (Fund), a nonprofit corporation for the 2019-20 fiscal year to increase small business lending and business services in the State. For each year State funds are expended, requires the Fund to: (1) annually, and more frequently upon request, report to the specified NCGA Committee and Division on prior State fiscal year programs, activities, and accomplishments and prior State fiscal year itemized expenditures and fund sources; and (2) provide the specified NCGA Committee and Division a copy of its annual audited financial statement within 30 days of issuance. Effective July 1, 2019.
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