Act BEFORE repealed by 2002-7-20 , effective March 28, 2002 (Royal Assent).

Small Business Development Act

Interest Free Loans

Minister may make loans

Extinguishment of loans

Low Interest Loans

Source of funds

The British Columbia Housing and Employment Development Financing Authority may pay to the British Columbia Enterprise Corporation, on terms agreed between the authority and the corporation, the amount of $20 million to be used for the purpose referred to in

section 4.

British Columbia Enterprise Corporation to make loans

The British Columbia Enterprise Corporation may, from money paid to it under

section 3, and subject to any agreement between it and the government, make loans at low interest rates to

encourage and assist the establishment, expansion or modernization of facilities and plant used in manufacturing, processing or high technology industries, or

assist the provision of services to those industries or any of them.

Fixed Interest Loans

Source of funds

The British Columbia Housing and Employment Development Financing Authority may pay to the British Columbia Enterprise Corporation, on terms agreed between the authority and the corporation, the amount of $170 million to be used for the purpose referred to in

section 6.

British Columbia Enterprise Corporation to make loans

The British Columbia Enterprise Corporation may, from money paid to it under

section 5, and subject to any agreement between it and the government, make loans at fixed rates of interest to

assist the establishment, expansion or modernization of manufacturing, processing or high technology industry, or transportation related to natural resources, or

improve the working capital positions of persons engaged in business referred to in paragraph (a).

Preference

In making a loan under

section 6, the British Columbia Enterprise Corporation must, despite

section 25 (2) of the Development Corporation Act , R.S.B.C. 1979, c. 93, give preference to borrowers who have at least 75% of their assets and employees in British Columbia.

General

Eligibility

The Lieutenant Governor in Council may prescribe conditions for eligibility for loans under this Act.