Appropriates funds for Hawaii Community-Based Economic Development Technical and Financial Assistance Program. (SD1)

A BILL FOR AN ACT

SECTION 1. The legislature finds that the business community, nonprofit organizations, and other entrepreneurs require a functional, service-oriented agency that is readily accessible. Such an agency is needed to provide business counseling, financial backing, and general support to foster real, community-based economic development of the various products and services demonstrating and embracing Hawaii's diversified economy.

The Hawaii community-based economic development technical and financial assistance program of the department of business, economic development, and tourism was established for this very purpose. To provide needed financial assistance to community-based entrepreneurs, the Hawaii community-based economic development technical and financial assistance program has been authorized by the legislature to provide low-interest grants to qualifying applicants.

The purpose of this Act is to appropriate funds for the Hawaii community-based economic development technical and financial assistance program.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $500,000 or so much thereof as may be necessary for fiscal year 2006-2007 to provide grants under the Hawaii community-based economic development technical and financial assistance program.

The sum appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

SECTION 3. This Act shall take effect upon its approval.