Budget Amendment ID: FY2017-S4-756

ECO 756

Microlending

Mr. Rodrigues moved that the proposed new text be amended in section 2, by inserting after line item 7007-0800 the following new line item:-

7007-0801 For microlending grants of up to $100,000 which shall be issued to established community development financial institutions and community advantage lenders making direct microenterprise and small business loans to borrowers on a regional basis, and providing technical assistance to applicants and borrowers in order to foster business establishment and success; provided, that the funds shall be used to support the eligible organizations’ lending and technical assistance activities; and provided further, that not less than $100,000 shall be granted to South Eastern Economic Development Corporation.……………… $300,000