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ACT NO. 45

(H.278)

Job Start Loans

This act modifies the approval process for a loan from Vermont Job Start, a loan program designed to make business loans to low income Vermonters under the supervision of the Vermont Economic Development Authority. The maximum for a loan is increased from $15,000.00 to $20,000.00 and the VEDA manager is given the authority to directly issue loan commitments and close loans. The Job Start Board will no longer be required to review every application, but may do so on request. The local boards appointed by the community action agencies will act in an advisory capacity primarily to inform and assist applicants.

Effective Date: July 1, 2001