A House committee Monday evening approved a new and unfamiliar funding mechanism to help small life science companies expand or open shop in North Carolina.

The bill would create the nonprofit N.C. Life Science Development Corp. that would use private money to make loans to, for example, pharmeceutical or medical device companies looking to expand or open new operations that would produce commercially-viable products.

What concerned some lawmakers was that the state is on the hook to investors if the companies default.

More after the jump.

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