|Posted:||January 8, 2015 10:49 AM|
|From:||Senator John T. Yudichak|
|To:||All Senate members|
|Subject:||Legislation to Establish a Veteran-owned Business Loan Guarantee Program|
|I am re-introducing legislation (SB 215) 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.
Previous sponsors of the bill included: STACK, TEPLITZ, BREWSTER, FONTANA, RAFFERTY, GREENLEAF, BAKER, COSTA, TARTAGLIONE, BROWNE, FARNESE, MENSCH, and BLAKE
Introduced as SB378