Economic Development - Small, Minority, and Women-Owned Business Accounts - Management Fees (Small Business Increased Access to Capital Act)

SB 920, the "Small Business Increased Access to Capital Act," authorizes eligible fund managers (entities managing capital for small, minority, and women-owned businesses) to charge management fees of 1.5% to 3% on the principal of loans made through these accounts. The Department of Commerce must set an annual cap on total management fees paid to each fund manager. These fees, paid from the account funds, cover administrative costs related to lending activities. The bill directly affects fund managers and the small, minority, and women-owned businesses accessing capital through these programs.