Relating To The Hawaii Technology Development Corporation.
Impact
The impact of SB2808 is notable as it links local economic recovery efforts to larger federal programs designed to stimulate business growth and resilience. By granting these funds to the Hawaii Technology Development Corporation, the bill not only seeks to bolster small businesses but also facilitates the potential creation of more than $600 million in capital for the state's economic development. This provision emphasizes the importance of strategic investment during recovery phases following economic downturns.
Summary
SB2808 aims to provide critical support for small businesses in Hawaii through funding appropriations for the State Small Business Credit Initiative Program. This bill appropriates $500,000 from the state's general revenues to assist small businesses in accessing capital, particularly in the aftermath of the economic impacts caused by the COVID-19 pandemic. The bill aligns with federal efforts that allocated over $56 million to support small businesses through accessible capital during this challenging time.
Sentiment
Generally, the sentiment surrounding SB2808 appears to be positive among stakeholders who advocate for the support of small businesses within Hawaii. Proponents of the bill express optimism that such financial assistance will lead to sustainable growth and job creation. However, discussions may also surface concerns regarding the adequacy of state support and the necessity of continued funding to match federal opportunities over time.
Contention
While there appears to be broad support for the bill, potential contention could arise over the effectiveness and efficiency of fund allocation and management by the Hawaii Technology Development Corporation. Critics may argue about the need for transparency and accountability in how these appropriated funds are utilized to ensure that the intended recipients, namely small businesses, benefit from the program as intended.
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.