SB 45 - This act creates a new program to distribute empowerment microgrants to persons living in impoverished areas and who engage in entrepreneurial activities or continuing adult education. The program will be administered by a board whose members will be appointed from each congressional district by the Governor with the advice and consent of the Senate.
To qualify for a grant, an individual must have lived in a poverty area for at least a year, have an income no greater than 200% of the poverty level, not be related to a board member, and agree to a grant contract with clawback provisions. The maximum amount of a grant per individual is $25,000. The board cannot spend more than 5% of its funds on overhead. This new program will sunset in six years.