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August 16, 2005
Gov. Turnbull Signs EDC Reform Bill Into Law
From the Source:
Aug. 15, 2005 -- Joining efforts to jumpstart the territory’s economy, Gov. Charles W. Turnbull signed into law this week bills designed to create reform within the Economic Development Commission and to promote the growth of small businesses within the community.The EDC Reform Bill, passed by the Senate in early July, will effectively help to close loopholes within the existing law, therefore protecting against any future abuse of the system (See "EDC Reform Bill Clears Committee".) Additionally, the EDC law will:
-create opportunities for residents who want to open a business and receive higher amounts of EDC benefits;
-implement a tier system in order to improve qualifications for loans;
-enhance the opportunity for EDC beneficiaries to make loans to others;
-and reduces application and compliance fees for small businesses in order to encourage local entrepreneurs to seek EDC benefits.
Posted by afinta at August 16, 2005 11:21 AM
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