Texas Senate Bill SB355

Texas 2009 - 81st Regular

• Filed: 12/12/08

Caption

Relating to use of the money from the Texas Enterprise Fund to benefit small businesses.

Impact

If enacted, the bill is projected to have a significant positive impact on small businesses within the state. By facilitating easier access to funding, it aims to stimulate economic growth and create a more conducive environment for entrepreneurship. Small businesses typically face challenges in securing funding, and the provisions of SB355 could mitigate some of these barriers, enabling them to thrive and expand their services within the community.

Summary

Senate Bill 355 aims to enhance the support for small businesses in Texas by altering the use of funds from the Texas Enterprise Fund. Recognizing the critical role that small businesses play in the state’s economy, the bill mandates that the Governor consider granting financial support specifically to small businesses. These grants are intended to encourage the establishment and development of new small businesses, as well as the relocation of out-of-state small businesses into Texas. The definition of a 'small business', as outlined in the bill, includes entities with less than 100 employees that are independently owned and operated.

Contention

While the bill may be well-received in small business communities, potential points of contention might arise during discussions regarding the allocation of funds. Stakeholders may debate the effectiveness of utilizing the Texas Enterprise Fund for grants exclusively to small businesses, considering the diverse economic needs of larger businesses and economic sectors. Additionally, there might be scrutiny around the criteria for determining which businesses qualify as 'small', as well as the overall implications for state funding priorities and budget allocations.