State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53A > GS_53A-36

§53A‑36.  Legislative findings and purpose.

(a)        The GeneralAssembly finds and declares that there exists in the State of North Carolina aserious shortage of mezzanine finance capital and credit available forinvestment in rural areas in the State.  This shortage of mezzanine financecapital and credit is severe throughout the rural areas of the State, haspersisted for a number of years, and constitutes a grave threat to the welfareand prosperity of all residents of the State.

(b)        The GeneralAssembly finds and declares further that private enterprise and existingfederal and State governmental programs have not adequately alleviated thesevere shortage of mezzanine finance capital and credit available forinvestments in rural areas in the State.

(c)        The GeneralAssembly finds and declares that it is a matter of grave public necessity thatNorth Carolina Enterprise Corporations be authorized to be created and to beempowered to alleviate these severe shortages of mezzanine finance capital andcredit for investment in rural areas of the State.  North Carolina EnterpriseCorporations shall help eliminate barriers to rural economic development byproviding mezzanine finance capital and credit, and other types of financing asappropriate, to businesses in rural areas that have been unable to obtainsufficient financing through traditional financial institutions. (1987(Reg. Sess., 1988), c. 882, s. 1.)