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.
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.