SB 647 Provides low-interest loans for locally owned businesses
Sponsor: Shoemyer
LR Number: 2511S.01I Fiscal Note:
Committee: Financial & Governmental Organizations and Elections
Last Action: 3/1/2007 - Second Read and Referred S Financial & Governmental Organizations and Elections Committee Journal Page: S388
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 647 - This act allows certain individuals to receive low interest loans through the linked deposit loan program. Loans are available for individuals starting new business that will remain 51% locally owned in counties that meet the following requirements:

• The county has a median population of 12,500 or less; and

• The median income of residents in the county are equal to or less than the state median income; or

• The unemployment rate in the county is equal to or greater than the state's unemployment rate.