HOUSE OF REPRESENTATIVES
H.B. NO.
455
THIRTY-THIRD LEGISLATURE, 2025
H.D. 1
STATE OF HAWAII
S.D. 2
A BILL FOR AN ACT
RELATING TO SMALL BUSINESS LOANS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the COVID-19 pandemic, supply chain issues, and inflation have hurt the State's economy and local businesses on every level, including the start-up industry. Despite this, many small businesses and entrepreneurs are ready to take the leap into starting up a business but lack the resources to do so, as access to capital is one of the biggest barriers for start-ups.
The legislature further finds that new businesses and young companies under five years of age create the most new jobs, on net, in the United States. While the State offers a variety of financial assistance to start-up businesses in Hawaii, most assistance is to help existing businesses expand and scale up, rather than to help successfully launch new businesses.
The legislature believes that providing support to local small businesses and entrepreneurs looking to begin a start-up could lead to the creation of more jobs in the State.
Accordingly, the purpose of this Act is to appropriate moneys to the department of business, economic development, and tourism for the contracting of services for start-up business financing and support, thereby encouraging entrepreneurship, economic diversification, and resilience.
SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2025-2026 and the same sum or so much thereof as may be necessary for fiscal year 2026-2027 for the contracting of services for start-up business financing and support; provided that businesses eligible for the community-based economic development loan program under chapter 210D, Hawaii Revised Statutes, shall not be eligible for this program or loans offered pursuant to this Act.
The sums 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, 3000.
Report Title:
DBEDT; Start-Up Business; Financing; Support; Contracted Services; Appropriations
Description:
Appropriates moneys to the Department of Business, Economic Development, and Tourism for the contracting of services for start-up business financing and support. Effective 7/1/3000. (SD2)
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