HB 5134
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 to provide grants to eligible investors who make qualified investments in small businesses. The fund will be financed through legislative appropriations and donations, and grants up to $25,000 can be awarded to investors who meet specific criteria, including location and revenue limits. The fund aims to support small businesses within the state by encouraging investment and promoting economic growth.
Key provisions
- Creates the Small Business Investment Grant Fund.
- Establishes the West Virginia Small Business Financing Authority to administer the fund.
- Defines key terms such as ‘eligible investor,’ ‘qualified investment,’ and ‘small business.’
- Sets grant amounts up to $25,000 for qualified investments.
- Limits the total grant allocation per eligible investor to $100,000.
- Specifies requirements for small businesses to apply for grants.
- Outlines conditions under which investors may forfeit grants (e.g., relocation, business closure, failure to hold equity).
- Requires refunds of grant funds if equity is transferred outside of specified circumstances.
Who is affected
- Small businesses
- Investors
- West Virginia State Government
- Financial Institutions
- Economic Development Organizations
Notable changes
- Creates a dedicated, permanent fund for small business investment.
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