This bill amends the General Laws in Chapter 42-64.33 entitled "The Rhode Island Small Business Development Fund." It inserts a new section that provides definitions for terms used in the chapter. The bill also amends a section that relates to the application, approval, and allocations for equity or debt investments certified as capital investments eligible for credits under the chapter. The amendment requires a small business development fund to apply to the corporation for certification of a capital investment. The corporation must review the application and make a determination within 30 days.

This bill allows the corporation to grant or deny applications for capital investments and specifies the grounds for denial. If an application is denied, the applicant has 15 days to provide additional information or complete their application. The bill also allows the corporation to allocate more than $20 million to a small business development fund or its affiliate that has already fully deployed an allocation certified under this section. The bill also expands the definition of a minority business to include businesses that self-certify that they meet the eligibility criteria of a minority business enterprise as defined by the Rhode Island Department of Administration's rules.