Committee advances $50 million emergency bridge-loan program for small businesses
Summary
Senate File 195 would create a $50 million revolving account to make 0% emergency bridge loans to small businesses during declared natural disasters; the Appropriations Committee advanced the bill after a roll-call vote.
The Appropriations Committee advanced Senate File 195, a proposal to create a small-business emergency bridge-loan program funded with a $50 million allocation to a revolving account that would provide 0% loans to businesses affected by declared natural disasters.
President Beitman, who introduced the measure, said the program grew out of on-the-ground experience during recent fires and is designed to get resources to affected businesses “within 5 days.” He described the loans as short-term "bridge" loans to be repaid within three years and said loans would be collateralized where necessary.
The bill would allocate $50,000,000 from the general fund to set up the revolving account. Loan repayments would return to the program fund to support future loans. The sponsor also noted the bill creates a mechanism for private donations to the fund so members of the public can contribute directly to payoff of individual loans.
Committee members asked procedural questions about referral and committee assignment. One senator asked that the sponsor meet with financial staff outside the committee before Committee of the Whole consideration; the sponsor agreed to discuss details with staff.
The committee held a roll-call vote. Senator Driscoll recorded a "no" vote; Senators Garou, Larson, Smith and Chairman Salazar recorded "aye" votes. One senator who voted "aye" offered a "word of explanation," saying he could not justify $50,000,000 from the committee’s budget at this time. The roll-call result recorded four ayes and one no.
The vote advances the bill out of the Appropriations Committee for further consideration.
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