§ 31.40.010. Intent
The legislature finds and declares that small and moderate-size companies can enhance their access to working capital and to capital for acquiring and equipping commercial and industrial facilities by using the United States small business administration national small business loan program known as the 7(a) loan guaranty program. The 7(a) loan guaranty program provides financing to small firms needing working capital and longer term financing for equipment and other fixed assets. Such loans can be made to small businesses by nondepository lenders and guaranteed by the small business administration only if the state provides for the on-going regulation and examination of such entities.
It is the intent of the legislature that the director of financial institutions [license], regulate, and subject to on-going examination, nondepository lenders for the purpose of allowing such lenders to participate in the small business administration's 7(a) loan guaranty program.
[1994 c 92 § 261; 1989 c 212 § 1.]
Sections: 31.40.010 31.40.020 31.40.030 31.40.040 31.40.050 31.40.060 31.40.070 31.40.080 31.40.090 31.40.100 31.40.110 31.40.120 31.40.130 31.40.135 31.40.900 NextLast modified: April 7, 2009