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§ 2-299 — Microenterprise loan program

Code of the City of Richmond, Virginia, 2026 (Recodification codified through Ordinance No. 2025-207, adopted October 14, 2025) · Richmond, Va., City Code § 2-299

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Sec. 2-299. - Microenterprise loan program.

For purposes of this section, the term "microenterprise" has the meaning ascribed to it by 42 USC 5302(a)(22). Pursuant to Code of Virginia, § 15.2-956, a microenterprise loan program is established. Only microenterprises may be eligible for participation in the program. The City shall provide technical assistance, as 42 USC 5305 uses that term, to microenterprises that participate in the program. The microenterprise shall accept the technical assistance as a condition of participation in the program. No loan under the program shall exceed $50,000.00. No grant under the program shall exceed $10,000.00. The Department of Economic Development shall administer the program and, with the assistance of the City Attorney, shall establish detailed requirements for program eligibility and other policies necessary for the administration of the program in accordance with this section and any applicable requirements of Federal law or regulation.

(Code 2020, § 2-305; Ord. No. 2017-157, § 1, 9-25-2017)