SENATE BILL NO. 59
AN ACT TO AMEND TITLE 29, CHAPTER 50 OF THE DELAWARE CODE RELATING TO THE ELIGIBILITY OF APPLICANTS FOR FINANCING.
WHEREAS, there is a greater demand for financial assistance to help all businesses in the State; and
WHEREAS, the Delaware Economic Development Authority is charged with the responsibility of assisting all businesses within the State; and
WHEREAS, Volume 63, Chapter 387 of the Laws of Delware mandated further attention be devoted to helping the small businesses of the State, whose future success may not require financing in amounts currently set as minimums for eligibility.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Secton 5055(aX3) of Title 29 of the Delaware Code by deleting the number "$250,000" as it appears in said Section and inserting in lieu thereof the number 150,600".
Section 2. Amend Section 5055(a)(4) of Title 29 of the Delware Code by deleting the number 1500,000" as it appears in said Section and inserting in lieu thereo the number "$50,000".
Section 3. The Director of the Delaware Development Office shall report to the Governor and the General Assembly on or before June 15, 1983, and thereafter in his Annual Report, on the special effects undertaken to assist smaller businesses with financings.
Approved February 2, 1983.