Relating To The Hawaii Technology Development Corporation.
Impact
The appropriated sum of $1.5 million for the fiscal years 2023-2024 and 2024-2025 is intended to be utilized by the Hawaii Technology Development Corporation. This financial support is geared towards enhancing access to capital for small businesses, promoting their survival and growth in a challenging economic landscape. The bill seeks to alleviate some of the burdens faced by entrepreneurs and small business owners as they navigate the repercussions of the pandemic.
Summary
SB704 addresses the need for financial assistance to small businesses in Hawaii amid ongoing economic challenges stemming from the COVID-19 pandemic. The bill appropriates funds specifically for the State Small Business Credit Initiative Program, which was supported by federal funds that amount to over $56 million allocated to Hawaii. This initiative aims to create a substantial capital investment, potentially exceeding $600 million, to aid the state's small business sector during these difficult times.
Contention
While the bill is likely to receive broad support for its intention to bolster small businesses, it could also invite scrutiny regarding the effective deployment of the funds and the anticipated impact on local economies. Opponents may raise concerns about the efficiency of government programs and whether the funds would reach the businesses that need them most. Proponents, however, emphasize the critical need for such financial programs in fostering economic development and resilience in the face of adversity.
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.