Posted: | February 1, 2013 09:55 AM |
---|---|
From: | Senator John T. Yudichak |
To: | All Senate members |
Subject: | Legislation to Establish a Veteran-owned Business Loan Guarantee Program |
I am introducing legislation that will create a loan guarantee program aimed at veteran-owned small businesses. The legislation establishes a “Veteran-owned Business Loan Guarantee Program.” The purpose of the program is to provide loan guarantees to commercial lending institutions that make loans to veteran-owned businesses. The program is modeled after the Second Stage Loan Program. Under the program, the Commonwealth Financing Authority may guarantee up to 50% of the outstanding principal amount of the loan; a guarantee may not exceed $250,000 for any one loan. |
Introduced as SB215