The bill amends the Rhode Island General Laws regarding "The Rhode Island Small Business Development Fund," specifically sections 42-64.33-2 and 42-64.33-4. It includes changes to the definitions and application process for small business development funds. A notable insertion is the expanded definition of "Minority business enterprise," which now includes businesses certified by the Rhode Island office of diversity, equity, and opportunity or approved by the commerce corporation. The term "Capital investment" is also clarified to encompass certain investments that may not have qualified under previous provisions. The application process is updated to require detailed information from applicants, including a business plan and a revenue impact assessment. The corporation must accept applications within 90 days of July 5, 2019, and decide on them within 30 days of receipt.

The bill sets the corporation's certification of capital investments at $65,000,000, with no more than $20,000,000 allocated to any single small business development fund, unless the corporation exercises discretion for additional allocation. An insertion in the bill allows for an allocation of more than $20,000,000 to a fund that has fully deployed a previous allocation. The bill also outlines the criteria for application denial, the process for resubmission, and the order of application consideration. Requirements for small business development funds to issue capital investments and receive cash from investors are specified, including the investment composition and the timeframe for providing evidence of the cash investment. Failure to meet these requirements results in the lapse of certification, necessitating reapplication. The bill would take effect upon passage and aims to support minority business enterprises through the Rhode Island Small Business Development Fund.