The bill proposes the establishment of a scholarship fund within the capital access program of the New Hampshire Business Finance Authority, specifically aimed at assisting small business owners who are socially and/or economically disadvantaged when applying for loans. The fund, known as the Capital Access Program (CAP) Scholarship Fund, will be non-lapsing and continually appropriated to the authority, with the purpose of covering the business borrower's fee or contribution to the CAP fund for eligible small businesses. The bill outlines that the Business Finance Authority will develop criteria and procedures for awarding these scholarships.

The bill also includes an appropriation of $1 million for the fiscal year ending June 30, 2024, to be deposited into the CAP Scholarship Fund. The governor is tasked with determining if any discretionary funds from the American Rescue Plan Act of 2021 or other federal funds can be utilized for this purpose, with any remaining necessary funds to be appropriated from the state's general fund. The bill specifies that this appropriation is exempt from the repayment provisions of RSA 162-A:30. The bill is set to take effect on July 1, 2023. There are no insertions or deletions indicated in the provided text.

Statutes affected:
Introduced: 6:12