Hawaii Senate Bill SB704

Hawaii 2024 Regular Session

• Introduced: 1/20/23
• Refer: 1/25/23

Caption

Relating To The Hawaii Technology Development Corporation.

Impact

The bill allocates $1,500,000 from the general revenues of the State of Hawaii for two fiscal years (2023-2025) to be managed by the Hawaii Technology Development Corporation. By enabling access to this funding, the bill aims to enhance the ability of Hawaii's small businesses to thrive during economic recovery. The infusion of state funds, matched with private capital, is projected to increase available capital to over $600,000,000, significantly aiding local enterprises.

Summary

Senate Bill 704, also known as the Hawaii Technology Development Corporation bill, focuses on providing financial support to small businesses in Hawaii through the State Small Business Credit Initiative Program. This legislation responds to the financial challenges posed by the COVID-19 pandemic, particularly the need for accessible capital for small businesses. The bill acknowledges federal appropriations that will support the program, which could potentially create significant investment for local businesses.

Contention

While the bill has been framed as a critical measure to bolster small business resilience, there may be discussions regarding the efficiency and accessibility of the funding mechanisms. Stakeholders could express concerns about the implementation of the program and whether the funds will adequately reach the intended small business populations. Additionally, the reliance on matching funds may create barriers for some businesses that do not have immediate access to private capital.