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HB 6785

AN ACT ESTABLISHING A REVOLVING LOAN FUND TO ASSIST IN DEVELOPING COMMERCIAL STOREFRONTS.

2025 Regular Session Introduced by Sarah Keitt

HB 6785 - Revolving Loan Fund for Commercial Storefronts OverviewBill Number: HB 6785 Title: AN ACT ESTABLISHING A REVOLVING LOAN FUND TO ASSIST IN DEVELOPING COMMERCIAL STOREFRON

REF. TO JOINT COMM. ON Commerce
#realestatedevelopment #statefunds
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Bill Summary · HB 6785

HB 6785 - Revolving Loan Fund for Commercial Storefronts

Overview

Bill Number: HB 6785
Title: AN ACT ESTABLISHING A REVOLVING LOAN FUND TO ASSIST IN DEVELOPING COMMERCIAL STOREFRONTS.
Status: REF. TO JOINT COMM. ON Commerce
Introduced: January 29, 2025

Purpose and Intent

The primary goal of HB 6785 is to establish a revolving loan fund to provide financial assistance to small businesses and entrepreneurs seeking to develop or renovate commercial storefront properties. The bill aims to revitalize local economies by supporting the growth of small businesses and increasing the availability of commercial spaces.

Key Provisions

  • Creates the "Commercial Storefront Development Revolving Loan Fund" to be administered by the Department of Commerce.
  • Authorizes the Department to provide low-interest loans to eligible applicants for the following purposes:
    • Acquisition of commercial properties for storefront development
    • Renovation or rehabilitation of existing commercial storefronts
    • Tenant improvements and buildouts for new commercial tenants
  • Establishes criteria for loan eligibility, including business size, location, and economic development impact.
  • Requires the Department to develop guidelines for the application process, loan terms, and repayment schedules.
  • Appropriates an initial $20 million in state funding to capitalize the revolving loan fund.

Affected Parties and Impacts

  • Small businesses and entrepreneurs seeking to open or expand commercial operations in local communities.
  • Property owners and developers of commercial real estate, who can access financing to improve and lease their properties.
  • Local governments and economic development agencies, which can leverage the loan fund to attract new businesses and revitalize commercial districts.
  • Consumers and residents, who will benefit from increased economic activity and a more vibrant commercial landscape in their communities.

Procedural and Timeline Considerations

HB 6785 has been referred to the Joint Committee on Commerce for consideration. If approved by the committee, the bill will move to the full state legislature for debate and a vote. If passed, the legislation would require the Department of Commerce to establish the revolving loan fund and begin accepting applications within 6 months of the effective date.

Compiled from official sources — confirm details with the bill’s official record.

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