Notwithstanding anything to the contrary in this chapter, not less than ten percent (10%) and not more than twenty-five percent (25%) of program funds will be allocated to “micro loans” with a principal amount between two thousand dollars ($2,000) and twenty-five thousand dollars ($25,000). Micro loans will be administered by lending organizations, which will be selected by the commerce corporation on a competitive basis and shall have experience in providing technical and financial assistance to microenterprises.
R.I. Gen. Laws § 42-64.25-6
Micro-loan allocation
Known as the Small Business Assistance Program Act
The act spans §§ 42-64.25-1 to 42-64.25-9 (14 sections).
P.L. 2015, ch. 141, art. 19, § 8; P.L. 2018, ch. 47, art. 12, § 15.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.