Tennessee § 65-5-113 - Assistance program for small and minority-owned businesses.

§ 65-5-113. Assistance program for small and minority-owned businesses.

The department of the treasury shall develop by rule an assistance program for small and minority-owned businesses, as defined in § 65-5-112, which may include loans and loan guarantees, technical assistance and services, and consulting and educational services to be funded solely from the fund established in subsection (b). The department shall administer the small and minority-owned business assistance program. It is the legislative intent that such program be designed with consideration of fair distribution of program assistance among the geographic areas of the state, the grand divisions, and small and minority-owned businesses. It is the legislative intent that the department use the assistance provided by this program to support the department's outreach to new, expanding, and existing businesses in Tennessee that do not have reasonable access to capital markets and traditional commercial lending facilities. There is established a general fund reserve to be allocated in accordance with the small and minority-owned business assistance program by this section which shall be known as the small and minority-owned business assistance program fund. Moneys from the fund may be expended in accordance with such program. Any moneys deposited in the fund shall remain in the reserve until expended for purposes consistent with such program and shall not revert to the general fund on any June 30. Any interest earned by deposits in the reserve shall not revert to the general fund on any June 30 but shall remain available for expenditure in subsequent fiscal years. It is within the state treasurer's discretion to accept new applications to participate in the small and minority-owned business assistance program after July 1, 2013. After July 1, 2013, the program shall administer all loans that are outstanding as of July 1, 2013, until the loans are matured or written-off. After July 1, 2013, and notwithstanding subsection (b), a portion of the small and minority-owned business program funds shall be transferred to the board of trustees of the college savings trust fund program to be utilized in an incentive plan or plans authorized in § 49-7-805(4), reserving such amounts that the state treasurer deems necessary for the administration of the small and minority-owned business program, as well as the administration and marketing of the incentive plan or plans. At least annually, the state treasurer shall evaluate the loan payments received by the small and minority-owned business assistance program and shall have the authority to transfer the funds from loan payments to the college savings trust fund program while reserving amounts for continued administration of the small and minority-owned business assistance program. Acts 1995, ch. 408, § 17; 1998, ch. 707, § 1; T.C.A. § 65-5-213 ; Acts 2004, ch. 830, § 1; 2013, ch. 359, § 1; 2017, ch. 400, § 11. Compiler's Notes. Acts 1995, ch. 305 § 23, which substituted “authority” for “commission” throughout this chapter, is deemed to amend this section, effective July 1, 1996. The section as set out above does not reflect the amendment by that act. Acts 1998, ch. 707, § 2 provided that the amendment to (a) shall apply to any required contribution for 1998 and subsequent years of the program. Amendments. The 2017 amendment substituted “college savings trust fund program” for “baccalaureate education system trust fund program” twice in (c). Effective Dates. Acts 2017, ch. 400, § 20. July 1, 2017. Cross-References. Grand divisions, title 4, ch. 1, part 2.