US Laws, Codes, Statutes & Cases

§12-1A-2. Legislative findings.
The Legislature finds that many small businesses throughout the state are experiencing economic stagnation or decline, that high interest rates have caused small businesses in this state to suffer disproportionately in profitability and competition and that high interest rates have fostered a serious increase in unemployment. The linked deposit program provided for by this article is intended to provide a statewide availability of lower cost funds for lending purposes that will materially contribute to the economic revitalization of this state. Accordingly, it is declared to be the public policy of the state through the small business linked deposit program in conjunction with various guaranteed loan programs to create an availability of lower-cost funds to inject needed capital into the small business community, sustain or improve business profitability, provide greater incentives to lending institutions to lend funds to small businesses and protect the jobs of citizens of this state. The Legislature further finds that the involvement of both the treasurer in facilitating the deposit of funds for the program and the small business development center in determining which businesses meet the eligibility requirements of the linked deposit program is necessary in order for state funds to be used in the most effective manner possible in assisting small businesses throughout the state and thereby maximizing the impact of the program.