Tennessee House Bill HB2455

Tennessee 2023-2024 Regular Session

• Introduced: 1/30/24
• Refer: 2/1/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 4; Title 5; Title 6; Title 7; Title 12; Title 62 and Title 67, relative to entrepreneurship assistance centers.

Impact

The bill's implementation is expected to enhance economic development efforts within Tennessee by equipping underrepresented communities with the necessary skills and resources to pursue entrepreneurship. By focusing on minority-owned and women-owned businesses, HB2455 seeks to redress historical inequities in access to business opportunities. Centers will be designed to assess the feasibility of business concepts, provide market analysis, and connect entrepreneurs with financial resources and ongoing technical assistance.

Summary

House Bill 2455 aims to amend the Tennessee Code Annotated to establish entrepreneurship assistance centers throughout the state. These centers are intended to provide support for minority group members, women, individuals with disabilities, dislocated workers, and veterans, facilitating their entry into the business landscape. The bill outlines the role of the Department of Economic and Community Development in the creation, support, and monitoring of these centers, which will offer training in business development, management, and self-employment opportunities.

Contention

Notable discussions around HB2455 will likely revolve around the allocation of funding and resources for these centers and the criteria established for their operation. There may be concerns regarding the effectiveness and reach of these centers in truly serving the intended demographics. Critics may raise questions about whether the centers can adequately address the diverse needs of entrepreneurs from various backgrounds, particularly in economically distressed areas. Proponents will stress the importance of creating an inclusive business environment that supports those who have historically been marginalized within the economic system.