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Senate committee advances move of $2 million to VIDA to seed disaster loan fund for businesses
Summary
Committee testimony on H.398 described a $2 million transfer from the BGAP appropriation to create a low-interest revolving loan fund managed by VIDA to provide rapid, short-term loans to businesses after declared disasters; lawmakers debated who would declare disasters, loan terms and whether VIDA should serve as primary lender.
The Senate Appropriations Committee on April 16 took up H.398, a bill that would transfer a $2,000,000 remainder from the Business Grant Assistance Program (BGAP) to VIDA to establish a low-interest revolving loan fund to help businesses after disasters.
Representative Michael Markoff, chair of the House Committee on Commerce and Economic Development, told the panel the money is not new revenue but a carryover remainder from BGAP and that the intent is to create a faster source of capital to get funds to affected businesses when floods or other disasters occur.
Markoff said the bill does not itemize detailed underwriting terms. He told the committee VIDA should be able to recover administrative costs and that loans should be “as low…
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