HB2453 HSCR125-02

STAND. COM. REP. NO.125-02

Honolulu, Hawaii

, 2002

RE: H.B. No. 2453

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Economic Development and Business Concerns, to which was referred H.B. No. 2453 entitled:

"A BILL FOR AN ACT RELATING TO THE CAPITAL LOAN PROGRAM,"

begs leave to report as follows:

The purpose of this bill is to assist small businesses participating in the Hawaii Capital Loan Program (Program) by providing more timely and market-aligned interest rates.

More specifically, this bill changes the frequency for adjusting the Program's loan interest rate from semiannually to the first day of each month to reflect the rapidly changing financial market.

Testimony in support of this measure was submitted by the Department of Business, Economic Development, and Tourism.

As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2453 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committee on Economic Development and Business Concerns,

 

		____________________________ LEI AHU ISA, Chair