2005 Vermont Code - § 278. — Job start program

§ 278. Job start program

(a) There is created a job start program, to be a micro-enterprise loan program for low income applicants.

(b)(1) A job start board is established within the Vermont economic development authority to administer the job start program.

(2) The board shall consist of seven members: the secretary of the agency of commerce and community development, one member of the authority, the director of the office of economic opportunity, one member who is a member of the board of a regional development corporation approved under chapter 76 of Title 24, one member who is a member of the board of directors of a community action program, and two members with experience as participants in the job start program. Selection of board members shall be made with consideration toward geographic representation from throughout the state. Board members other than the secretary of commerce and community development, and the director of the office of economic opportunity, shall be appointed by the governor, with the advice and consent of the senate, to five-year terms, except that the governor shall stagger initial appointments so that the terms of no more than two members expire during a calendar year.

(3) Appointed members shall receive per diem compensation and expense reimbursement in accordance with the provisions of section 1010 of Title 32.

(c)(1) The Job Start board shall adopt such rules as it deems necessary to carry out the purposes of the program. Such rules shall establish eligibility criteria based on an applicant's income, shall set interest rates for loans, and shall require that a loan may not be made in an amount in excess of $20,000.00 to any applicant.

(2) The authority shall assign a Job Start coordinator from the staff of the authority to manage the program. The Job Start coordinator shall be responsible for administration of the program in accordance with the policies and rules of the Job Start board. The Job Start coordinator may examine any records relating to Job Start loans, and may conduct such program and fiscal audits as the coordinator deems necessary.

(3) The authority shall assign a job start coordinator from the staff of the authority to manage the program. The job start coordinator shall be responsible for administration of the program in accordance with the policies and rules of the job start board. The job start coordinator may examine any records relating to job start loans, and may conduct such program and fiscal audits as the coordinator deems necessary.

(d) For purposes of this section, "loan" means a loan, or a financing lease, provided that such lease transfers the ownership of the leased property to the lessee following the payment of all required lease payments as specified in the lease agreement.

(e) Notwithstanding the foregoing, the Job Start board may delegate to the Job Start coordinator, subject to the approval of the manager of the Vermont economic development authority, the authority to review, approve and make loans, and to disburse funds on such loans, subject to the approval of the manager, up to such limits as the Job Start board may by policy prescribe, provided, however, that no loan of greater than $20,000.00 may be so approved. (Added 1993, No. 89, § 5; amended 1995, No. 46, § 12, eff. April 20,1995; 1995, No. 184 (Act. Sess.), § 6; No. 190 (Adj. Sess.), § 1(a), (b); 2001, No. 45, § 1.)