§ 35A-8-1202. Distribution of fund money.

(1)

(a) The director shall make loans and loan guarantees from the fund for the Small Business Credit Initiative created under the federal government's Small Business Jobs Act of 2010, to use federal money for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy but not receiving the loans needed to expand and create jobs.

(b) In making loans and loan guarantees under this part, the director shall give due consideration to small businesses in underserved communities throughout the state that have been deeply impacted by recession and not seen a comparable resurgence in their economies.

(2) The director shall distribute federal money in the fund according to the procedures, conditions, and restrictions placed upon the use of the money by the federal government.

(3) The director may, with the approval of the executive director of the department:

(a) enact rules to establish procedures for the loan and loan guarantee process by following the procedures and requirements of Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and

(b) service or contract, under Title 63G, Chapter 6a, Utah Procurement Code, for the servicing of loans made by the fund.

Renumbered and Amended by Chapter 212, 2012 General Session
Amended by Chapter 347, 2012 General Session