                                 CODE OF VIRGINIA

CREATION, ADMINISTRATION, AND MANAGEMENT OF THE SMALL, WOMEN-OWNED, AND
MINORITY-OWNED BUSINESS LOAN FUND (§ 2.2-2311.1)

A. For the purposes of this section:
			&#8220;Eligible small business&#8221; 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.
			&#8220;Fund&#8221; means the Small, Women-owned, and Minority-owned Business
Loan Fund.
			&#8220;Minority-owned business&#8221; 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.
			&#8220;Women-owned business&#8221; 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. 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.

C. The Authority, or its designated agents, shall determine the qualifications,
terms, and conditions for the use of the Fund and the accounts thereof.

HISTORY: 2015, cc. 696, 697; 2016, c. 519.