A grant made by the department to a microloan delivery organization may be used to:
(1) satisfy matching fund requirements for other federal or private grants;
(2) establish a revolving loan fund from which the microloan delivery organization may make loans to microenterprises;
(3) establish a guaranty fund from which the microloan delivery organization may guarantee loans made by financial institutions to microenterprises; and
(4) provide funding for the operating costs of a microloan delivery organization.
HISTORY: 2014 Act No. 171 (H.3125), Section 1.A, eff January 1, 2014.
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