Northeast Regional Economic Policy and Improvement Act of 2013
A bill that shall be the official economic policy of the Northeast Region of the Republic of Atlasia for the fiscal year 2013.
Be it enacted by the Assembly of the Northeast Region convened.
Section 1. TITLEThis legislation may be cited, as the Northeast Regional Economic Policy and Improvement Act of 2013.
Section 2. FINDINGSThe Northeast Department of Commerce and the Northeast Assembly jointly find and declare that;
1. The Northeast region requires an official economic policy for the fiscal year 2013.
2. Small businesses and large corporations are equally important for our regional economic growth and development; and shall be treated as such.
3. A number of the Northeast region's small businesses and corporations are in need of economic aid.
4. A number of the Northeast region's municipalities are in need of economic aid.
5. These findings call for a new economic policy in the Northeast Region; and a new policy in the process of economic aid to businesses and municipalities.
Section 3. SMALL BUSINESSES1. As stated above, all small businesses shall be treated equally with large corporations.
2. A small business in need of economic aid shall be able to apply for aid through either a grant or loan from the Northeast Region.
3. A small business may only apply for aid that is necessary for growth, survival, or in the case of a new business, what is necessary for construction costs.
4. The Department of Commerce may approve or deny the applicant's request for funds.
5. A small business shall be defined as a business with less than one hundred (100) employees.
Section 4. CORPORATIONS1. A Corporation in need of economic aid shall be able to apply for a loan or grant from the Northeast region.
2. A corporation may only apply for aid that is necessary for growth, survival, or in the case of a new location, what is necessary to begin construction.
3. The Department of Commerce may approve or deny the applicant's request for funds.
4. For funding purposes a corporation shall be defined as a business that is incorporated, and has more than one hundred (100) employees.
Section 5. MUNICIPALITIES1. A municipality in need of economic aid shall be able to apply for a loan or grant, from the Northeast Region.
2. A municipality may apply for aid necessary for: public projects, development, and other ventures deemed necessary for economic growth.
3. The Department of Commerce may approve or deny a municipality's request for funds.
Section 6. REQUIREMENTS FOR ECONOMIC AID ELIGIBILITY1. All small businesses and corporations that seek loans or grants from the Northeast Region shall be subject to certain regulations.
2. An applicant for economic aid must answer the following; what the businesses's profit-loss margin was over the past twelve months; what the purpose of the funding is; and how many employees the business currently has.
3. Applicant must also provide a business plan showing how the funds provided to them shall be used.
4. A Northeast Region Municipality seeking economic aid for a public project or development, may be subject to a site survey by an agent from the state in which the city resides.
5. Applicant must comply with all existing environmental, zoning, and building code regulations, prior to receiving financial aid.
6. Applicants who request aid for construction purposes, with the final cost totaling over $20,000 must agree to a site survey conducted by an agent from their state, prior to a final decision on approval or denial of their request for aid.
Section 7. GROUNDS FOR DENIAL OF ECONOMIC AID1. An applicant may be denied of economic aid for the following reasons.
2. If an appicant is found to be providing false information on the application, the applicant may be denied of financial aid.
3. Projects deemed unnecessary, for economic growth may be denied financial aid.
4. Projects unrelated, to economic growth or development, shall be denied.
Section 8. FUNDING$2.5 Billion will be allocated from the Economic Development Account of the March-July Northeast budget FY13' to fund the grant and loan portion of the economic aid program.
