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Senate Bill 1 creates the Small Business Growth Program and is now the first bill completed during this 2026 legislative session.
The Department of Commerce will administer the program.
It provides a funding path for businesses with fewer than 250 employees that often struggle to qualify for loans, by allowing them to apply for funds from a venture capital group – which then gets tax credits.
Sen. Patricia Rucker, R-Jefferson, urged final passage of the bill.
“This bill creates a Small Business Growth Act,” Rucker said. “The House added language that clarifies that there will be no credit claimed until 2029. I urge passage.”
The bill passed by a vote of 29 to 2 and moves to the desk of Gov. Patrick Morrisey to be signed into law.