Report Title:

CBED Program; Appropriation

Description:

Appropriates $500,000 to be paid into the Hawaii community-based economic development revolving fund established in section 210D-4, HRS, for low interest loans and grants to qualifying community-based organizations involved in economic development activities under the Hawaii CBED technical and financial assistance program.

THE SENATE	S.B. NO.	2197
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

A BILL FOR AN ACT

relating to community-based economic development.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that the business community, community-based nonprofit organizations, and other entrepreneurs require a functional, service-oriented agency that is readily available to provide business counseling, financial backing, and general support, in order to foster real community‑based economic development for the various products and services demonstrating and embracing Hawaii's diversified economy.  Further, the legislature finds that besides a growing financial need in Hawaii's nonprofit communities, there is a demand by Hawaii's residents for a clear and open process for grant-giving, and accountability by the organizations receiving financial assistance.

     The Hawaii community-based economic development technical and financial assistance program in the department of business, economic development, and tourism, was established for this purpose.  The legislature established the community-based economic development technical and financial assistance program in Act 111, Session Laws of Hawaii 1990, codified as chapter 210D, Hawaii Revised Statutes, to provide financial assistance to community-based organizations and community-based enterprises through low-interest loans and 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 to financially assist qualifying community-based organizations statewide.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $500,000 for fiscal year 2008-2009 to be paid into the Hawaii community-based economic development revolving fund established in section 210D-4, Hawaii Revised Statutes, for low interest loans and grants to qualifying community-based organizations involved in economic development activities under the Hawaii community-based economic development technical and financial assistance program.

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

     SECTION 3.  This Act shall take effect on July 1, 2008.

INTRODUCED BY:

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