Rules and Regulations for the Job Creation Guaranty Program
870-6460 INACTIVE RULE
| Title | 870 | Commerce Corporation |
| Chapter | XXX | Old Regulations Which Were Not Assigned Chapter-Subchap-Part |
| Subchapter | XX | Old Regulations Which Were Not Assigned Chapter-Subchap-Part |
| Part | 6460 | Rules and Regulations for the Job Creation Guaranty Program |
| Type of Filing | Adoption |
| Regulation Status | Inactive |
| Effective | 08/16/2011 to 09/30/2013 |
Regulation Authority:
Chapters 026/029 of the Rhode Island Public Laws of 2010
Purpose and Reason:
The Rules are designed to implement the Job Creation Guaranty Program, as authorized pursuant to Chapters 026/029 of the Rhode Island Public Laws of 2010, and to develop an efficient procedure (1) to create a loan guaranty and bond program pursuant to which the Corporation will be able to issue its bonds, guaranty debt service thereon or on bonds issued by the Rhode Island Industrial Facilities Corporation, or guaranty debt service of another, including without limitation debt service of borrowers on loans by other lenders and capital providers, or guaranty 15% of debt service on any loan made subject to a guaranty issued by the Small Business Administration pursuant to its Section 7(a) Program; and (2) to induce lending to companies growing their employment in the State.
