Small business emergency bridge loan program.
What changed between versions
Added the definition of 'Director' and changed the administering agency from the Department of Agriculture to the Office of State Lands and Investments.
Removed the requirement that a 50% owner must apply and serve as guarantor, and eliminated the specific credit score threshold of 550.
Increased the maximum loan amount from an unspecified amount to $750,000 per business.
Extended the department's review period from 24 hours to 5 business days for loan recommendations.
Added authority for the director to approve loans without subsequent approval from the state loan and investment board.
Expanded the governor's authority to declare natural disasters to include infrastructure failures such as roads, bridges, dams, and irrigation systems.
Clarified that the origination fee is split between the financial institution and the applicant, with the office receiving one percent from the account.
