Committee approves raising CETA loan approval limit to $100,000 for small businesses

Committee members debated Senate Bill 24-25, which would raise the threshold at which the board of directors may authorize the executive director to approve loans or loan guarantees for small businesses. The current statute sets a lower threshold; the committee discussed raising it first to $50,000 and then agreed to $100,000.

Supporters said inflation, higher input and transportation costs, and community feedback from small-business owners justify the increase. The chair noted the change does not guarantee that applicants will receive the higher amounts, but it allows the agency greater flexibility to consider larger loan applications where warranted.

After a motion to increase the per-applicant limit to $100,000 and appropriate seconding, the committee adopted the amendment and passed SB 24-25 as amended. The committee asked counsel and staff to prepare the necessary documents to move the bill forward to full board action.