THE SENATE

S.B. NO.

704

THIRTY-SECOND LEGISLATURE, 2023

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to the hawaii technology development corporation.

 

 

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

 

     SECTION 1.  The legislature finds that in 2021, Congress appropriated funds for the state small business credit initiative program to assist small businesses in accessing capital during the coronavirus disease 2019 pandemic.  The State will receive over $56,000,000 in federal funds to provide capital assistance to small businesses in Hawaii.  While the program requires private capital to match these funds, the program could create over $600,000,000 in capital and investment available for Hawaii's small businesses.  The legislature further finds that providing support to small businesses is a critical strategy in helping small businesses maintain and grow during difficult times.

     Therefore, to support Hawaii's small businesses, the purpose of this Act is to appropriate funds for the state small business credit initiative program to provide financial support to Hawaii businesses.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $1,500,000 or so much thereof as may be necessary for fiscal year 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 for the state small business credit initiative program.

     The sums appropriated shall be expended by the Hawaii technology development corporation for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2023.

 

INTRODUCED BY:

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Report Title:

Hawaii Technology Development Corporation; State Small Business Credit Initiative Program; COVID-19; Appropriation

 

Description:

Appropriates funds to the Hawaii Technology Development Corporation for the State Small Business Credit Initiative Program.

 

 

 

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