Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Economic Development & Business Concerns, to which was referred H.B. No. 610 entitled:

begs leave to report as follows:

The purpose of this bill is to combine two of the State's financing programs, the Hawaii Capital Loan Program and the Hawaii Strategic Development Corporation, for improved coordination and centralization.

The Department of Business, Economic Development, and Tourism (DBEDT) testified in support of this measure.

DBEDT explained that this will promote economic growth by streamlining the process to make State financial resources available to new and existing small businesses. Combining the responsibilities of these State entities will greatly increase their accessibility.

As affirmed by the record of votes of the members of your Committee on Economic Development & Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 610 and recommends that it pass Second Reading and be referred to the Committee on Consumer Protection & Commerce.