Makes an appropriation for DBEDT's Hawaii community-based economic development technical and financial assistance program.

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 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. The legislature has authorized the Hawaii community-based economic development technical and financial assistance program to provide needed financial assistance to community-based entrepreneurs through 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 on July 1, 2006.