LB 59 Increases Micro Loan Amounts
Legislative Bill (LB) 59 was approved by Governor Dave Heineman and signed into law on March 9, 2005. This bill changed the provision in the Nebraska Microenterprise Development Act defining “microenterprise” to allow for micro loans up to $35,000 (from $25,000).
Picture inset L - R: Maryanne Rouse -
NCDC, Jeff Reynolds with daughter Krista, Jeff Christensen -
NENEDD, Senator Mick Mines, Governor Dave Heineman, Steve Perigrine - NMPF Board President, Rose Jaspersen -
NMPF, Cory Smathers - LAP, Richard Baier - NDED Director
The REAP program currently offers loans up to $25,000. This change will allow Nebraska microenterprise programs the flexibility of potentially increasing loan limits in the future.
REAP Program Director Jeff Reynolds attended the signing ceremony for LB 59 on March 14 at the State Capitol. LB 59 was introduced by Senator
Mick Mines from Blair. Senator Mines is the chair of the Legislature’s Banking Committee and serves District 18.
The Nebraska Microenterprise Development Act was passed in 1997 creating funding for microenterprise efforts in Nebraska. This funding is critical for organizations such as REAP and greatly contributes to the ability to provide core micro-enterprise development services statewide.