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 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 this 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 the need for small businesses to apply for certification and for investors to hold their equity for at least two years to avoid forfeiting the grant. It also stipulates that if a small business relocates or closes due to criminal activity within two years of receiving a grant, the investor must refund the grant amount. The authority will manage the disbursement of grants based on the order of applications received, and any unallocated funds will carry over to the next fiscal year.

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