Governor McDonnell today signed Senate Bill 344 (McDougle) and House Bill 585 (Merricks) to encourage investment in Virginia's small businesses. The legislation creates the Small Business Investment Grant Fund to incentivize eligible small business investors. The governor was joined by the patrons of the two bills, small business owners, representatives from the Virginia and local chambers of commerce, representatives from the National Federation of Independent Business and members of the Business Development Caucus in the General Assembly.
Speaking about the legislation, Governor McDonnell said, "Small businesses create most of the new jobs in the Commonwealth. The legislation signed today will encourage private capital to invest in these job creating entrepreneurs. The Small Business Investment Grant Fund will make it easier for those eligible to invest in Virginia's small businesses. I thank Senator McDougle and Delegate Merricks for their leadership as patrons of these important bills. As we continue to look for ways to get Virginians back to work, it will continue to be small businesses leading the way and the legislation signed today will aid them in doing what they do best: creating jobs."
Senator Ryan McDougle (R-Mechanicsville) said, "Small businesses are leading the Commonwealth out of the recession and creating jobs and opportunity for all Virginians. I consistently hear from small business owners that access to capital is one of the greatest barriers they face as they look to expand. This legislation will encourage investment in these entrepreneurs and help ensure that Virginia continues to be the best place in the country to start or grow a business."
Delegate Donald Merricks (R-Chatham) said, "Small businesses have always been the backbone of the Virginia economy and today we are taking another step towards ensuring their ability to thrive in Virginia. The bills signed today further demonstrate Virginia's commitment to the continued growth of small businesses. By providing incentives to investors, these bills will create opportunities for future entrepreneurs and promote new ideas and businesses throughout the state."
Today's bill signing took place during Business Appreciation Week in the Commonwealth. This is also the "Year of the Entrepreneur" in Virginia, with events to celebrate and cultivate entrepreneurship in Virginia throughout the year.
Nicole Riley, State Director of the National Federation of Independent Business, said, "Since making job creation his number one priority, NFIB has enjoyed working with Governor McDonnell and the General Assembly to promote policies that allow Virginia's small businesses to expand and create jobs."
Bills Signed Today
HB585 (Merricks)/SB344 (McDougle) Small Business Investment Grant Fund
Creates the small business investment grant fund and program that would provide a grant equal to 10 percent of a qualified investment in a small business for an eligible investor. This will incentivize critical investment in small business to spur additional economic development and job creation.