Relating to use of the money from the Texas Enterprise Fund and the Texas emerging technology fund to benefit certain historically underutilized businesses.
Impact
If enacted, HB346 would represent a significant shift in how state funds are allocated, directing support towards historically underutilized businesses. This could facilitate increased economic participation from groups that have traditionally faced barriers in business ownership and development. Moreover, it could help stimulate local economies, particularly in areas where these businesses are situated, potentially resulting in a multiplier effect for job creation and community investment.
Summary
House Bill 346 focuses on enhancing support for historically underutilized businesses (HUBs) in Texas by amending the Texas Enterprise Fund and the Texas emerging technology fund. Specifically, the bill proposes that the governor should consider awarding grants to these businesses that commit to creating additional jobs or those that are relocating to Texas from outside the state. The emphasis is on leveraging state resources to promote economic development and job creation among economically disadvantaged groups.
Contention
Notably, the bill may face scrutiny regarding how effectively it is able to determine the impact of the grants provided. It includes provisions for the governor to report on various metrics, such as the number of jobs created, median wages, and the total amount of grants awarded to HUBs. However, concerns may arise about the efficacy of these programs in delivering tangible results, as the parameters for success can be subjective and dependent on multiple external factors, including the market environment and support networks available to these businesses.
Relating to the creation of a revolving loan program to fund the purchase by historically underutilized businesses of certain bonds required for public work contracts.
Relating to the creation of a revolving loan program to fund the purchase by historically underutilized businesses of certain bonds required for public work contracts.
Relating to a prohibition against the consideration of race or ethnicity as a factor in governmental employment or contracting, in other governmental functions, and in higher education admissions.
Relating to the consideration of ownership interests of certain persons in determining whether a business is a historically underutilized business for purposes of state contracting.
Relating to the consideration of ownership interests of certain persons in determining whether a business is a historically underutilized business for purposes of state contracting.
Relating to the consideration of ownership interests of certain persons with a disability in determining whether a business is a historically underutilized business for purposes of state contracting.
Relating to assistance for small businesses, the dissemination of information about historically underutilized businesses, and the expansion of the small business development center network.
Relating to the dissemination of information about historically underutilized businesses and the expansion of the small business development center network.
Relating to the dissemination of information about historically underutilized businesses and the expansion of the small business development center network.
Relating to the dissemination of information about historically underutilized businesses and the expansion of the small business development center network.
Relating to the dissemination of information about historically underutilized businesses and the expansion of the small business development center network.
Relating to the dissemination of information about historically underutilized businesses and the expansion of the small business development center network.