Economic development; appropriation; Oklahoma Department of Commerce; Community Development Financial Institutions; effective date; emergency.
Impact
The impact of HB1926 could be significant in bolstering the financial resources available to small businesses across Oklahoma. By partnering with CDFIs, which typically focus on serving communities that are economically disadvantaged, the bill seeks to ensure that loans are accessible to small business owners who might otherwise have difficulty securing funding. This initiative is seen as a potential boon for local economies by supporting entrepreneurship and job creation.
Summary
House Bill 1926 addresses economic development in Oklahoma by proposing an appropriation of Thirty Million Dollars ($30,000,000.00) to the Oklahoma Department of Commerce. This funding is intended to be used in collaboration with Community Development Financial Institutions (CDFIs) certified by the United States Small Business Administration. The aim is to establish a program that will provide loans to small business entities, thereby fostering economic growth and stability within the state.
Contention
While the bill focuses on economic empowerment, potential points of contention may arise concerning the effectiveness of CDFIs in managing and distributing these funds compared to traditional banking institutions. Critics may argue about ensuring accountability and transparency in fund utilization. Moreover, debates could emerge regarding how the funds are allocated and whether they sufficiently address the needs of various underserved communities within Oklahoma.
Economic development; creating the Creating Oklahoma's Modern Plan for Economic Transformation and Effectiveness (COMPETE) Act; creating the Division on Economic Development, Growth, and Expansion. Emergency.