Virginia Decodedhttps://vacode.org570382.2-2293Loans to lenders; conditions20252.2-22872.2-2295Administration of GovernmentOrganization of State GovernmentState Authorities, Boards, Commissions, Councils, Foundations and Other Collegial BodiesAuthoritiesVirginia Small Business Financing Authority

The Authority may make, and undertake commitments to make, loans to lenders under terms and conditions requiring the proceeds thereof to be used by the lenders to make loans to eligible small businesses. Loan commitments or actual loans may be originated through and serviced by any such lender. As a condition to a lender’s participating in the loan, the lender shall agree to use the proceeds of the loan within a reasonable period of time to make loans or purchase loans to provide to eligible small businesses, or finance the projects of eligible small businesses, in the Commonwealth or, if the lender has made a commitment to make loans to eligible small businesses on the basis of a commitment from the Authority to purchase the loans, the lender shall make the loans within a reasonable period of time.

1984, c. 749, § 9-217; 2001, c. 844.