Post by inhorto on May 19, 2020 0:04:56 GMT
Bandurian Small Businesses Act
Author: Joseph Yu (Prime Minister | UCP)
Sponsors: Susilo Sri (Interior Minister | UCP), Rutger de Vries-Lau (Finance Minister | UCP), Floortje Cheung (Foreign Minister | UCP), Zhang Xiaoqing (SP), Zhang Yazhu (Defense Minister | DP) Zheng Guangyao (UCP)
Sponsors: Susilo Sri (Interior Minister | UCP), Rutger de Vries-Lau (Finance Minister | UCP), Floortje Cheung (Foreign Minister | UCP), Zhang Xiaoqing (SP), Zhang Yazhu (Defense Minister | DP) Zheng Guangyao (UCP)
An act to provide for the establishment of loans to small businesses
BE IT THEREFORE ENACTED, as follows:
§1 - Small Business Commission
- There is hereby created a Small Business Commission (hereafter "the Commission"), which shall be entrusted with carrying out the policies enumerated under this Act.
- There shall be five Small Business Commissioners, who shall sit on the Small Business Council (hereafter "the Council"), which shall be the chief executive organ of the Commission:
- Commissioners shall be appointed among Bandurian citizens by the Prime Minister of Banduria on the advice of the Finance and Business Ministers, or the equivalent, for a term of five years, which may be extended;
- No person holding an office of profit in any business, corporation, or public or private entity may jointly be a Commissioner of the Small Business Commission, and any person holding any other office must resign their aforesaid post upon their appointment as Commissioner;
- No Commissioner may partake in any business activity, and they may not trade stocks, while they are in office;
- Commissioners shall serve at the pleasure of the Prime Minister;
- The Chief Commissioner shall be designated by the Prime Minister, and he shall serve as the primus inter pares chairman of the Small Business Council.
- All decisions of the Council shall be taken with the consent and support of no less than three of its members, and shall be reported to the Finance and Business Ministers, or equivalent, who shall be jointly responsible for the Commission.
- The Commission shall be headquartered in the capital, but the Council may take directives to establish regional offices in such places where it should deem fit.
- The Council shall hold final responsibility for the internal organization of the Commission where it has not been provided by statute, and it shall be chiefly responsible for the commission and dismissal of employees of the Small Business Commission, and the salaries thereof.
- The Council shall develop organs and institutions for the purposes of the administration and promotion of the Commission's market operations.
- The Commission shall make available to the public record economic indices relating to small businesses, which shall include, but shall not be limited to, reports of:
- Small business formation, and the respective success and failure rates;
- Employment and hiring;
- Sales and net profits;
- Investments into land, capital, equipment, and connected matters;
- Mergers and acquisitions.
- The Commission shall be responsible for keeping a public database of small business affiliates of the Commission, and such a database shall include, but shall not be limited to, information regarding the:
- Identity of the small business borrower, or the representative thereof;
- Total amount lent out, and the total of debts owed;
- Dates, due dates;
- Delinquency rate, number of overdue payments;
- Number of deferrals;
- Number of repurchases;
- Overdrafts.
- The Commission shall have the privilege to mint and issue notes and legal tender of the Treasury of Banduria, or of the Mint of Banduria, for such purposes as to fulfill the payment of debts and provide for funds.
- The Commission may sue or be sued in a court of law, but individual Commissioners shall be privileged from lawsuit for actions or decisions taken by them in their position as Commissioners, and they may not sue as individual Commissioners.
- For the purposes of ensuring the timely and efficient payment of principal and interest owed to the Commission, the Commission shall have enforcement authority as provided by the law, and may impose a reasonable penalty on late payments not exceeding three percent (3%) of the monthly fee, notwithstanding interest.
- Appeals and hearings shall be heard by and adjudicated within the Council itself as a function of review, but any decisions of the Council may be appealed in a court of law with the appropriate jurisdiction on the basis of violation of statute.
§2 - On Small Businesses
- For the purposes of this Act, a business qualifying as a small business shall observe the following constraints:
- For businesses in agriculture, forestry or fishing, or in the cultivation of crops or animal husbandry — no more than three hundred thousand (300,000) florins in net revenue;
- For businesses in the cultivation of rice — no more than four hundred fifty thousand (450,000) florins in net revenue,
- For businesses in soil preparation and cultivation — no more than eight hundred thousand (800,000) florins in net revenue.
- For flour, rice, or wheat mills — no more than five hundred thousand (500,000) florins in net revenue.
- For businesses in home décor, furniture manufacturing — no more than six hundred thousand (600,000) florins in net revenue, and no more than three hundred (300) employees;
- For businesses in bathroom appliance manufacturing, soap and hygienic products, detergents — no more than one million two hundred twenty-five thousand (1,225,000) florins in net revenue.
- For iron and steel mills, for iron or steel manufacturers, for smiths — no more than five hundred (500) employees;
- For metalworkers, mills, or manufacturers of metals or alloys not described in §2.1.d — no more than three hundred fifty (350) employees;
- For businesses in equipment manufacturing — no more than seven hundred (700) employees;
- For businesses in oil and gas extraction equipment manufacturing — no more than three hundred (300) employees,
- For businesses in tech manufacturing, manufacturers of silicon products — no more than one thousand (1000) employees, or no more than five million (5,000,000) florins in net revenue,
- For businesses in the manufacturing, sale, or distribution or aerospace and weapons equipment — no more than three million (3,000,000) florins in net revenue,
- For businesses in concrete manufacturing — no more than eight hundred (800) employees,
- For engineering services, structural management — no more than one million (1,000,000) florins in net revenue.
- For businesses in the preparation, packaging, and market sale of foodstuffs, food products for humans or animals — no more than three hundred fifty thousand (350,000) florins in net revenue, and no more than two hundred (200) employees;
- For business in the preparation, packaging, and market sale of non-frozen fruits, vegetables, legumes — no more than six hundred thousand (600,000) florins in net revenue, or no more than two hundred fifty (250) employees,
- For businesses in the preparation, packaging, and market sale of frozen fruits, desserts, pastries — no more than three hundred thousand (300,000) florins in net revenue, and no more than two hundred (200) employees,
- For businesses in the creation, preparation, packaging, and market sale of alcoholic beverages, for alcohol breweries — no more than two hundred thousand (200,000) florins in net revenue, and no more than two hundred (200) employees,
- For canneries — no more than five hundred thousand (500,000) florins in net revenue, and no more than three hundred (300) employees.
- For meat markets — no more than one hundred (100) employees.
- For businesses in food service, for restaurants — no more than five hundred thousand (500,000) florins in net revenue;
- For alcohol dispensaries, pubs, beer halls — no more than two hundred thousand (200,000) florins in net revenue, and no more than fifty (50) employees,
- For food service contractors — no more than one million (1,000,000) florins in net revenue.
- For alcohol dispensaries, pubs, beer halls — no more than two hundred thousand (200,000) florins in net revenue, and no more than fifty (50) employees,
- For hotels, motels — no more than three hundred five thousand thousand (500,000) florins in net revenue, and no more than three hundred (300) employees;
- For casinos, casino hotels — ineligible.
- For business in the wholesale shipment, trade, or barter of clothing, apparel — no more than one hundred (100) employees;
- For businesses in the sale of books or educational material, for book stores — no more than two hundred fifty (250) employees;
- For newspaper, book publishers — no more than two hundred (200) employees;
- For music publishers — no more than three hundred thousand (300,000) florins in net revenue, or no more than one hundred (100) employees,
- For motion picture and video producers — no more than three hundred fifty thousand (350,000) florins in net revenue.
- For businesses in the sale of automobiles— no more than one hundred (100) employees;
- For businesses in the sale of used automobiles — no more than three hundred fifty thousand (350,000) florins in net revenue.
- For businesses in automotive repair — no more than five hundred thousand (500,000) florins in net revenue.
- For businesses providing cosmetics, for barbers, for clippers — no more than one hundred (100) employees;
- For businesses providing licensed legal services — no more than five hundred thousand (500,000) florins in net revenue, and no more than three hundred (300) employees;
- For businesses providing partial pro bono legal services — no more than one million (1,000,000) florins in net revenue.
- For the offices of physicians, dentists, nurses, and healthcare providers — no more than one million (1,000,000) florins in net revenue;
- For private educational and/or tertiary institutions — no more than one million (1,000,000) florins in net revenue, or no more than five hundred (500) employees;
- For language schools — no more than one million five hundred thousand (1,500,000) florins in net revenue, or no more than seven hundred (700) employees,
- For businesses in computer training, online literacy — no more than one million two hundred twenty-five thousand (1,250,000) florins in net revenue, or no more than seven hundred (700) employees,
- For literacy schools — no more than one million two hundred fifty thousand (1,250,000) florins in net revenue, or no more than six hundred (600) employees.
- For cinemas, theatres, and similar places of recreation — no more than one million (1,000,000) florins in net revenue;
- For zoos, animal preserves — no more than two million five hundred thousand (2,500,000) florins in net revenue,
- For museums — no more than two million (2,000,000) florins in net revenue.
- For commercial banks, credit unions — no more than fifty million (50,000,000) florins in total assets;
- For investment banking — no more than ten million (10,000,000) florins in total assets;
- For businesses in medical, technological, nano-technological or scientific research — no more than three million two hundred fifty thousand (3,250,000) florins in net revenue, or no more than six hundred (600) employees.
- For any other business not enumerated here-above — no more than three hundred thousand (300,000) florins, and no more than two hundred fifty (250) employees, unless the Commission should elect to specify otherwise.
- For businesses in agriculture, forestry or fishing, or in the cultivation of crops or animal husbandry — no more than three hundred thousand (300,000) florins in net revenue;
- Net revenue shall be assessed annually.
- In making out loans, the Commission shall have the authority to create exceptions in exceptional circumstances, but such exceptions must be reported to the Finance and Business Ministers, or equivalent.
§3 - Loans
- The Commission shall have the authorities to lend entities qualifying as small businesses pursuant to §2 for the purposes of allowing such small businesses to:
- Purchase land, provide for plant acquisition,
- Construct, develop, or refurbish land or property,
- Acquire supplies and equipment necessary for the development of industry,
- Secure and sustain employment.
- Any small business may submit to the Commission an application for a loan of a certain amount, which shall be reviewed by the Commission pursuant to the by-laws adopted by the Council;
- No small business may receive a loan if it is determined that an applicant can obtain credit elsewhere,
- The Commission shall fairly judge the applicant's needs, and shall have the final authority to accept, or reject, applications.
- A contract shall be written and signed by both the Commission and the applicant or applicants in question, which shall entail information specified in §1.8, as well as the loan, the payment schedule, and interest, as well as all connected matters.
- No loan of greater than two million five hundred thousand (2,500,000) florins may be made out for any period of time, except for loans made out to businesses for the purpose of growing long-term export sales, which shall be capped at three million (3,000,000) florins.
- No fewer than 20% of the loans made out in the fiscal year shall be microloans, or loans of under 50,000 florins.