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Committee approves small-business emergency bridge loan program, allocates revolving fund
Summary
The Appropriations Committee approved Senate File 195, a small-business emergency bridge loan program that establishes a revolving fund to deliver rapid, short-term loans after governor-declared disasters.
The Appropriations Committee passed Senate File 195 as amended, establishing a small-business emergency bridge loan program intended to provide rapid, short-term financing to businesses affected by governor-declared natural disasters or catastrophic infrastructure failures.
Cindy Delancey, appearing in a personal capacity as an attorney and bill proponent, described the bill as a tool to deliver fast capital through local lenders. The program would use local banks and credit unions to originate loans; loan applications and underwriting would be conducted by those local lenders, and the state’s role would be to approve funding recommendations…
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