2020 Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.33 The Rhode Island Small Business Development Fund
Section 42-64.33-7 Reporting obligations.

§ 42-64.33-7. Reporting obligations.

(a) Each small business development fund shall submit a report to the corporation on or before the fifth business day after the first, second, and third anniversaries of the closing date. The report shall provide documentation as to the small business development fund's qualified investments and include:

(1) A bank statement evidencing each qualified investment;

(2) The name, location, status as a minority business enterprise if applicable, and industry of each business receiving a qualified investment, including either the determination letter set forth in § 42-64.33-6 or evidence that the business qualified as an eligible business at the time the investment was made;

(3) The number of employment positions created or retained as a result of the small business development fund's qualified investments as of the last day of the preceding calendar year; and

(4) Such other reasonable information as the corporation may require.

(b) On or before the last day of February of each year following the final year in which the report required in subsection (a) of this section is due, the small business development fund shall submit an annual report to the corporation including the following:

(1) The number of employment positions created or retained as a result of the small business development fund's qualified investments as of the last day of the preceding calendar year;

(2) The number of minority business enterprises that have received qualified investments and the amount of qualified investment that such minority business enterprises have received;

(3) The average annual salary of the positions described in subsection (b) (1) of this section;

(4) The follow-on capital investment that has occurred along with or after the small business development fund's investment as of the last day of the preceding calendar year; and

(5) Such other reasonable information as the corporation may require.

(c) A copy of the reports required under this section must also be sent concurrently to the speaker of the house, president of the senate, house finance chairperson, senate finance chairperson, and the general treasurer.

(d) On or before each September 30, the corporation shall publish a report on the small business development fund and provide such report to the speaker of the house of representatives, president of the senate, house finance chair, senate finance chair, and the general treasurer. The report shall contain information on the program implementation, investments made, fund performance, and to the extent practicable, track the economic impact of the investments completed.

History of Section.
(P.L. 2019, ch. 88, art. 12, § 10.)