                                 CODE OF VIRGINIA

DECLARATION OF PUBLIC PURPOSE; AUTHORITY CREATED (§ 2.2-2280)

A. The General Assembly finds and determines that (i) there exists in the
Commonwealth a need to assist small and other eligible businesses in the
Commonwealth in obtaining financing for new business or in the expansion of
existing business in order to promote and develop industrial development and to
further the long-term economic development of the Commonwealth through the
improvement of its tax base and the promotion of employment and (ii) it is
necessary to create a governmental body to provide financial assistance to small
and other eligible businesses in the Commonwealth by providing loans,
guarantees, insurance and other assistance to small and other eligible
businesses, thereby encouraging the investment of private capital in small and
other eligible businesses in the Commonwealth. The creation of this governmental
body to assist in such matters is essential to the industrial development of the
Commonwealth. In making these determinations, the General Assembly has
considered and affirmatively expresses its policy to assist small and other
eligible businesses in Virginia, acknowledging that this determination has and
will affect competition.
			It is further declared that all of the foregoing are public purposes and that
the activities of the Authority will serve a public purpose in that they will
promote industry, develop trade and increase employment opportunities for the
benefit of the inhabitants of the Commonwealth, either through the increase of
commerce or through the promotion of safety, health, welfare, convenience or
prosperity; and that the necessity of enacting the provisions herein set forth
is in the public interest and is so declared as a matter of express legislative
determination.

B. The Virginia Small Business Financing Authority is created, with such powers
and duties as are set forth in this article, as a public body corporate and as a
political subdivision of the Commonwealth. All powers, rights and duties
conferred by this article or other provisions of law upon the Authority shall be
exercised by the Board.

HISTORY: 1984, c. 749, § 9-201; 2001, c. 844; 2009, c. 565.