The Senate passed Senate Bill 83S last week unanimously. The bill, sponsored by Senator Darius Brown, “creates the Delaware Community Investment Venture Fund to develop opportunities for banking organizations and credit unions doing business in Delaware to better serve the needs of low to moderate income tracts in Delaware.”
The fund, which will be vested with $2.75 million, to do the following according to the bill:
- Invest in the development of financial products or financial product underwriting innovations that will enhance access to capital, funding, and other financial services forbusinesses in low to moderate-income tracts;
- Deploy, test, and evaluate these innovations for providing capital and funding to businesses in low to moderate-income tracts; and
- Promote and make these innovations available to a variety of banking organizations and credit unions for use in enhancing access to capital, funding, and other financial services for businesses in low to moderate-income tracts.
| SENATE BILL 83S – DELAWARE COMMUNITY INVESTMENT VENTURE FUND | Currrent Status – Senate Passed 21-0. House Economic Everything 5/12/23 |
| House Sponsors – Dorsey Walker, Johnson | Senate Sponsors – Brown, Mantzavinos // RIchardson |
| House Yes Votes – | Senate Yes Votes – |
| House No Votes – | Senate No Votes – |
| House Absents or Not Voting – | Senate Absent or Not Voting – |
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