Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2542 entitled:

begs leave to report as follows:

The purpose of this measure is to assist the business community, nonprofit organizations, and other entrepreneurs to foster community-based economic development of products and services demonstrating and embracing Hawaii's diversified economy.

Specifically, this bill makes an appropriation of $500,000 to provide grants under the Hawaii Community-based Economic Development Technical and Financial Assistance Program, to be expended by the Department of Business, Economic Development, and Tourism. The program provides business counseling, financial backing, and general support to community-based businesses, nonprofit organizations, and other entrepreneurs for the purpose of economic development.

Upon further consideration, your Committee has amended this bill by changing the appropriated amount of $500,000 to an unspecified amount for the purpose of facilitating further discussion.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2542, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2542, S.D. 1.