HB 2830
Small Business Investment Grant Fund
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the Small Business Investment Grant Fund in West Virginia. It creates the West Virginia Small Business Financing Authority and provides a fund to offer grants to eligible investors who make qualified investments in small businesses. Eligible investors can receive up to $25,000 per qualified investment, with a maximum allocation of $100,000 per investor. The fund is funded through appropriations, gifts, grants, and donations, and grants are subject to specific requirements and potential forfeiture conditions.
Key provisions
- Creates the Small Business Investment Grant Fund and the West Virginia Small Business Financing Authority.
- Defines key terms such as ‘eligible investor,’ ‘qualified investment,’ and ‘small business.’
- Establishes grant eligibility for investors who make qualified investments in small businesses.
- Sets a grant amount of up to $25,000 per qualified investment.
- Limits the total grant allocation per eligible investor to $100,000.
- Outlines conditions for grant forfeiture, including business relocation or closure.
- Specifies requirements for eligible investors to maintain equity ownership for at least two years.
- Requires forfeiture of grants and repayment of funds if equity is transferred due to liquidation, mergers, or investor death.
Who is affected
- Small Businesses
- Investors
- West Virginia State Government
- Financial Institutions
- Non-profit Organizations (potentially, through grant recipients)
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