This bill proposes the establishment of the West Virginia Small Business Investment Fund, which will be governed by a new article in the Code of West Virginia. It creates the Small Business Financing Authority and defines key terms related to the fund, such as "eligible investor," "qualified investment," and "small business." The fund will be a special non-reverting, permanent fund in the state treasury, funded by legislative appropriations and private donations. Grants from the fund will be available to eligible investors who make qualified investments in certified small businesses, with a maximum grant amount of $25,000 per investment and a total cap of $100,000 per investor.

The bill outlines specific requirements and limitations for grant eligibility, including conditions under which grants may be forfeited, such as if the small business relocates out of state or closes due to criminal activity. Additionally, it stipulates that eligible investors must hold their equity for at least two years to avoid forfeiting the grant. The authority will manage the disbursement of grants based on the order of completed applications and will ensure that any funds not used in a fiscal year will carry over to the next. Overall, the bill aims to support small businesses in West Virginia by providing financial incentives for investment.

Statutes affected:
Introduced Version: 31-18G-1, 31-18G-2, 31-18G-3