{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2311.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2311.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2311.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2311.1.html"}],"law_id":60227,"edition_id":1,"section_id":60227,"structure_id":13623,"section_number":"2.2-2311.1","catch_line":"Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund","history":"2015, cc. 696, 697; 2016, c. 519.","full_text":"A\n\nFor the purposes of this section:\n\t\t\t“Eligible small business” means any person engaged in a for-profit business enterprise in the Commonwealth and such enterprise has (i) $10 million or less in annual gross income under generally accepted accounting principles for up to each of its last three fiscal years or lesser time period if it has been in existence less than three years, (ii) fewer than 250 employees, or (iii) a net worth of $1 million or less, or such business enterprise meets such other satisfactory requirements as the Board shall determine from time to time upon a finding that such business enterprise is in need of assistance.\n\t\t\t“Fund” means the Small, Women-owned, and Minority-owned Business Loan Fund.\n\t\t\t“Minority-owned business” means a for-profit small business concern that is majority-owned by one or more individuals of an ethnic or racial minority. In the case of a corporation, a majority of the stock shall be owned by one or more such individuals and the management and daily business operations shall be controlled by one or more of the individuals of an ethnic or racial minority who own it.\n\t\t\t“Women-owned business” means a for-profit small business concern that is majority-owned by one or more women. In the case of a corporation, a majority of the stock shall be owned by one or more women and the management and daily business operations shall be controlled by one or more of the women who own it.B\n\nThere is created a permanent revolving loan fund to be known as the Small, Women-owned, and Minority-owned Business Loan Fund. The Fund shall be comprised of (i) moneys appropriated to the Fund by the General Assembly, (ii) moneys collected by the Authority as a result of loan repayments, (iii) all income from the investment of moneys held by the Fund, and (iv) any other moneys designated for deposit to the Fund from any source, public or private. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used to provide direct loans to eligible small, women-owned, and minority-owned businesses. The Fund shall be managed and administered by the Authority with guidance from the Director of the Department of Small Business and Supplier Diversity.C\n\nThe Authority, or its designated agents, shall determine the qualifications, terms, and conditions for the use of the Fund and the accounts thereof.","order_by":null,"text":{"0":{"id":220285,"text":"For the purposes of this section:\n\t\t\t“Eligible small business” means any person engaged in a for-profit business enterprise in the Commonwealth and such enterprise has (i) $10 million or less in annual gross income under generally accepted accounting principles for up to each of its last three fiscal years or lesser time period if it has been in existence less than three years, (ii) fewer than 250 employees, or (iii) a net worth of $1 million or less, or such business enterprise meets such other satisfactory requirements as the Board shall determine from time to time upon a finding that such business enterprise is in need of assistance.\n\t\t\t“Fund” means the Small, Women-owned, and Minority-owned Business Loan Fund.\n\t\t\t“Minority-owned business” means a for-profit small business concern that is majority-owned by one or more individuals of an ethnic or racial minority. In the case of a corporation, a majority of the stock shall be owned by one or more such individuals and the management and daily business operations shall be controlled by one or more of the individuals of an ethnic or racial minority who own it.\n\t\t\t“Women-owned business” means a for-profit small business concern that is majority-owned by one or more women. In the case of a corporation, a majority of the stock shall be owned by one or more women and the management and daily business operations shall be controlled by one or more of the women who own it.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":220286,"text":"There is created a permanent revolving loan fund to be known as the Small, Women-owned, and Minority-owned Business Loan Fund. The Fund shall be comprised of (i) moneys appropriated to the Fund by the General Assembly, (ii) moneys collected by the Authority as a result of loan repayments, (iii) all income from the investment of moneys held by the Fund, and (iv) any other moneys designated for deposit to the Fund from any source, public or private. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used to provide direct loans to eligible small, women-owned, and minority-owned businesses. The Fund shall be managed and administered by the Authority with guidance from the Director of the Department of Small Business and Supplier Diversity.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":220287,"text":"The Authority, or its designated agents, shall determine the qualifications, terms, and conditions for the use of the Fund and the accounts thereof.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13623,"edition_id":1,"name":"Virginia Small Business Financing Authority","identifier":"7","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:24","date_modified":"2026-06-26 03:45:24","permalink":{"id":174461,"object_type":"structure","relational_id":13623,"identifier":"7","token":"2.2\/I\/D\/22\/7","url":"\/2.2\/I\/D\/22\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58804,"structure_id":13623,"section_number":"2.2-2279","catch_line":"Short title; 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This law was first created in 2015. The record of its establishment is cataloged in chapters 696<\/a> and 697<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2016, chapter 519<\/a>.<\/p>","references":[{"id":78558,"section_number":"2.2-1605","catch_line":"Powers and duties of Department","order_by":null,"url":"\/2.2-1605\/"}],"refers_to":false,"permalink":{"id":174595,"object_type":"law","relational_id":60227,"identifier":"2.2-2311.1","token":"2.2\/I\/D\/22\/7\/2.2-2311.1","url":"\/2.2-2311.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2311.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2311.1","dublin_core":{"Title":"Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2311.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For the purposes of this section:\n\t\t\t“Eligible small business<\/span>” means any person engaged in a for-profit business enterprise in the Commonwealth<\/span> and such enterprise has (i) $10 million or less in annual gross income under generally accepted accounting principles for up to each of its last three fiscal years or lesser time period if it has been in existence less than three years, (ii) fewer than 250 employees, or (iii) a net worth of $1 million or less, or such business enterprise meets such other satisfactory requirements as the Board<\/span> shall determine from time to time upon a finding<\/span> that such business enterprise is in need of assistance.\n\t\t\t“Fund<\/span>” means the Small, Women-owned, and Minority-owned Business<\/span> Loan Fund<\/span>.\n\t\t\t“Minority-owned business<\/span>” means a for-profit small business concern that is majority-owned by one or more individuals of an ethnic or racial minority. In the case of a corporation, a majority of the stock shall be owned by one or more such individuals and the management and daily business operations shall be controlled by one or more of the individuals of an ethnic or racial minority who own it.\n\t\t\t“Women-owned business<\/span>” means a for-profit small business concern that is majority-owned by one or more women. In the case of a corporation, a majority of the stock shall be owned by one or more women and the management and daily business operations shall be controlled by one or more of the women who own it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> There is created a permanent revolving loan fund<\/span> to be known as the Small, Women-owned, and Minority-owned Business<\/span> Loan Fund<\/span>. The Fund<\/span> shall be comprised of (i) moneys appropriated to the Fund<\/span> by the General Assembly, (ii) moneys collected by the Authority<\/span> as a result of loan repayments, (iii) all income from the investment of moneys held by the Fund<\/span>, and (iv) any other moneys designated for deposit to the Fund<\/span> from any source, public or private. Interest earned on moneys in the Fund<\/span> shall remain in the Fund<\/span> and be credited to it. Any moneys remaining in the Fund<\/span>, including interest thereon, at the end of each fiscal year shall not revert to the general fund<\/span> but shall remain in the Fund<\/span>. Moneys in the Fund<\/span> shall be used to provide direct loans to eligible small, women-owned, and minority-owned businesses. The Fund<\/span> shall be managed and administered by the Authority<\/span> with guidance from the Director of the Department of Small Business and Supplier Diversity. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span>, or its designated agents, shall determine the qualifications, terms, and conditions for the use of the Fund<\/span> and the accounts thereof. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREATION, ADMINISTRATION, AND MANAGEMENT OF THE SMALL, WOMEN-OWNED, AND\nMINORITY-OWNED BUSINESS LOAN FUND (\u00a7 2.2-2311.1)\n\nA. For the purposes of this section:\n\t\t\t“Eligible small business” means any person engaged in a\nfor-profit business enterprise in the Commonwealth and such enterprise has (i)\n$10 million or less in annual gross income under generally accepted accounting\nprinciples for up to each of its last three fiscal years or lesser time period\nif it has been in existence less than three years, (ii) fewer than 250\nemployees, or (iii) a net worth of $1 million or less, or such business\nenterprise meets such other satisfactory requirements as the Board shall\ndetermine from time to time upon a finding that such business enterprise is in\nneed of assistance.\n\t\t\t“Fund” means the Small, Women-owned, and Minority-owned Business\nLoan Fund.\n\t\t\t“Minority-owned business” means a for-profit small business\nconcern that is majority-owned by one or more individuals of an ethnic or racial\nminority. In the case of a corporation, a majority of the stock shall be owned\nby one or more such individuals and the management and daily business operations\nshall be controlled by one or more of the individuals of an ethnic or racial\nminority who own it.\n\t\t\t“Women-owned business” means a for-profit small business concern\nthat is majority-owned by one or more women. In the case of a corporation, a\nmajority of the stock shall be owned by one or more women and the management and\ndaily business operations shall be controlled by one or more of the women who\nown it.\n\nB. There is created a permanent revolving loan fund to be known as the Small,\nWomen-owned, and Minority-owned Business Loan Fund. The Fund shall be comprised\nof (i) moneys appropriated to the Fund by the General Assembly, (ii) moneys\ncollected by the Authority as a result of loan repayments, (iii) all income from\nthe investment of moneys held by the Fund, and (iv) any other moneys designated\nfor deposit to the Fund from any source, public or private. Interest earned on\nmoneys in the Fund shall remain in the Fund and be credited to it. Any moneys\nremaining in the Fund, including interest thereon, at the end of each fiscal\nyear shall not revert to the general fund but shall remain in the Fund. Moneys\nin the Fund shall be used to provide direct loans to eligible small,\nwomen-owned, and minority-owned businesses. The Fund shall be managed and\nadministered by the Authority with guidance from the Director of the Department\nof Small Business and Supplier Diversity.\n\nC. The Authority, or its designated agents, shall determine the qualifications,\nterms, and conditions for the use of the Fund and the accounts thereof.\n\nHISTORY: 2015, cc. 696, 697; 2016, c. 519.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}