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Bill would let state fund managers collect modest fees to free up $57 million in small-business lending
Summary
House Bill 798 would allow managers of the small-minority-and-women-owned business account (VLT proceeds) to collect a capped management fee to incentivize deployment of underused program funds; supporters said roughly $57 million sits undisbursed and fees would underwrite outreach, underwriting and staff to boost loans. Commerce supports the change.
Delegate Doggett Sarah Wallach told the Economic Matters Committee HB 798 will enable fund managers who administer the small minority and women-owned business account at the Department of Commerce to retain a modest, department‑capped management fee (a percent of each loan) to cover administration, marketing and technical assistance.
Wallach said the program has facilitated more than 1,400 transactions through…
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