Establishes uniform criteria for industrial development agencies to evaluate and select eligible entities for grants or loans.
The bill mandates that industrial development agencies adopt uniform criteria for evaluating and selecting eligible entities for grants or loans. These criteria may include financial viability, business location, creditworthiness, and a proposed plan for using funds for qualified projects. Agencies must coordinate fund distribution to a single entity within the same municipalities and ensure no entity receives more than $100,000 over ten years.
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