(a) On the receipt of gifts and grants of money under Section 44A.004 , the board shall establish and implement a loan program supporting established and proposed urban farm microenterprises in urban areas by providing loans to expand, modernize, or otherwise improve the established microenterprises and to begin operation of proposed microenterprises.
(b) An applicant applying on behalf of a proposed microenterprise may receive a loan of up to $25,000 to begin operation of the microenterprise.
(c) An applicant applying on behalf of an established microenterprise may receive a loan of up to $50,000 to expand, modernize, or otherwise improve an established microenterprise.
(d) The board may reserve a portion of the total fund for use in cooperative loan programs established with the participation of other public or private lenders.
(e) The board by rule may provide for the administration by a private or public entity of the loans awarded under the loan program.
Added by Acts 2011, 82nd Leg., R.S., Ch. 558 (H.B. 2994 ), Sec. 1, eff. September 1, 2011.
