STAND. COM. REP. NO.  171

 

Honolulu, Hawaii

                , 2023

 

RE:   H.B. No. 397

      H.D. 1

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

 

Sir:

 

     Your Committee on Economic Development, to which was referred H.B. No. 397 entitled:

 

"A BILL FOR AN ACT RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to appropriate funds to the Hawaii Technology Development Corporation for the Hawaii Small Business Capital Program.

 

     Your Committee received testimony in support of this measure from the Hawaii Technology Development Corporation and Chamber of Commerce Hawaii.

 

     Your Committee finds that in 2021, the United States Congress passed funding for the State Small Business Credit Initiative to help small businesses access capital during the COVID-19 pandemic.  The State will receive up to $62,000,000 in federal funds to provide capital assistance to small businesses in Hawaii owned by socially economically disadvantaged individuals.  To administer the funds, the Hawaii Technology Development Corporation partnered with the Hawaii Green Infrastructure Authority to jointly administer the program, now known as the Hawaii Small Business Capital Program.  Your Committee believes that additional financial support is needed to implement the Hawaii Small Business Capital Program so that the Program can deploy the capital to eligible small businesses in a timely manner.

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 3000, to encourage further discussion; and

 

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 397, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 397, H.D. 1, and be referred to your Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committee on Economic Development,

 

 

 

 

____________________________

DANIEL HOLT, Chair