Relating To The Hawaii Technology Development Corporation.
Additionally, the bill seeks to broaden the scope of the Manufacturing Development Program by introducing purchasing renewable energy systems as an eligible expense. This change reflects a growing recognition of the importance of renewable energy in reducing manufacturing energy costs and enhancing sustainability within the local manufacturing sector. By including renewable energy as part of the eligible expenses for grants, SB1289 positions Hawaii as a proactive participant in the renewable energy sector, aiming to attract innovative businesses and promote green technology.
Senate Bill 1289 aims to amend certain provisions related to the Hawaii Technology Development Corporation, specifically focusing on enhancing support for small businesses in the state. The bill increases the cap on grants available to businesses applying for Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants from the federal government. This increase is designed to provide better financial support and encourage local businesses to pursue federal funding opportunities through these programs.
Notably, the amendments also clarify that grants can cover employee training on both new and existing manufacturing equipment, which is crucial for manufacturers looking to remain competitive. However, there is potential contention surrounding the bill, particularly concerning the implications of increasing subsidies for certain businesses and the effectiveness of such grants in driving economic development. Critics may argue that this financial assistance could lead to dependency on government support rather than fostering independent growth within the local business community.