A bill to establish a revolving fund to make loans to employee groups to fund studies to investigate a reorganization or new incorporation of an existing business enterprise as an employee owned business enterprise, and to fund professional services to implement a feasibility study and to develop and insure the success of an employee owned business enterprise.
Employee Ownership Promotion Act - Establishes in the Treasury an Employee Ownership Feasibility Study Revolving Fund.
Directs the Secretary of Commerce to make loans from the Fund to eligible employee ownership groups to fund: (1) feasibility studies to investigate the reorganization or new incorporation of an existing business enterprise as an employee owned business enterprise; and (2) professional services to implement such a feasibility study and to develop and insure the success of an employee owned business enterprise.
Sets forth limits on such a loan.
Sets forth the conditions under which an employee ownership group shall be eligible for feasibility study assistance from the Fund.
Authorizes appropriations.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Economic Stabilization.
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