SB 647 – Provides low-interest loans for locally owned businesses

• Sponsor: Shoemyer
• LR Number: 2511S.01I
• Committee: Financial & Governmental Organizations and Elections
• Last Action: 3/1/2007 - Second Read and Referred S Financial & Governmental Organizations and Elections Committee
• Journal Page: S388
• Effective Date: August 28, 2007

Current Bill Summary

SB 647 - This act allows certain individuals to receive low interest loans through the linked deposit loan program. Loans are available for individuals starting new business that will remain 51% locally owned in counties that meet the following requirements:

• The county has a median population of 12,500 or less; and

• The median income of residents in the county are equal to or less than the state median income; or

• The unemployment rate in the county is equal to or greater than the state's unemployment rate.

CHRIS HOGERTY