SB 0998 Authorizes the establishment of Business and Industrial Development Companies
LR Number:4476S.01I Fiscal Note:4476-01
Committee:Local Government and Economic Development
Last Action:02/29/00 - Hearing Conducted S Local Government & Economic Journal page:
Development Committee
Effective Date:August 28, 2000
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Current Bill Summary

SB 998 - This act authorizes the creation of Business and Industrial Development Companies (BIDCOs) to provide financing assistance and management assistance to business firms.

The Business and Industrial Development Company (BIDCO) is licensed by the Director of the Department of Economic Development. Rules and licensing requirements are set by the Director to ensure that the BIDCO operates to provide such financing assistance and a return on investments in a sound manner.