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Employee-owned Business Loan Program Modifications

Concerning modifications to the employee ownership loan program.
2021 Regular Session
Business & Economic Development
Bill Summary

The act modifies requirements for an existing loan program (program) created to assist transitions of businesses to employee-owned businesses. The act repeals statutory eligibility requirements and requires the office of economic development (office) to establish eligibility criteria for the program. The criteria must include an annual gross revenues limitation for participation in the program for businesses, which amount may be set at up to or less than $50 million. The criteria must also establish requirements for the number of employees who will be offered the option to participate in the employee-ownership opportunity.

A loan under the program may be used toward the purchase of the business by the employees. The act repeals requirements related to the size of the loans and how the loans must be held and requires the office to establish requirements for the terms of the loans pursuant to existing statutory requirements.

Under the current statute, the program is repealed effective July 1, 2022. The act extends the program through July 1, 2025.

(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    05/21/2021 Signed Act PDF
    05/11/2021 Final Act PDF
    04/30/2021 Rerevised PDF
    04/29/2021 Revised PDF
    04/19/2021 Reengrossed PDF
    04/15/2021 Engrossed PDF
    03/24/2021 Introduced PDF

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details