Relating To Hawaii Technology Development Corporation.
If enacted, SB3358 would have a significant impact on state laws by providing financial resources that facilitate the growth and sustainability of the manufacturing sector in Hawaii. The designated funds are intended to support programs that help local businesses innovate and adapt to market demands, thereby contributing to the state's overall economic development. By investing in manufacturing, the bill seeks to create job opportunities and foster a more resilient economy.
SB3358 is aimed at bolstering Hawaii's manufacturing industry by appropriating funds for various support programs managed by the Hawaii Technology Development Corporation (HTDC). The bill allocates a total of $14 million in appropriations for fiscal year 2022-2023, with $10 million earmarked for the Hawaii Small Business Innovation Research Program, $2 million for the Manufacturing Assistance Grant Program, and another $2 million for the Excellerator Grant Program. The overarching goal of the bill is to enhance state support for manufacturing businesses in Hawaii, which are considered a critical component of the state economy.
While there doesn’t appear to be significant public contention surrounding SB3358 based on available documentation, concerns typically arise in legislative proposals that involve substantial appropriations. Stakeholders may scrutinize the effectiveness of such programs and the distribution of funds to ensure that resources are utilized efficiently to achieve intended outcomes. There may also be discussions regarding the appropriate level of state involvement in business support and whether other sectors may require additional funding.