Bill > LB47

This bill modifies two existing Nebraska acts - the Business Innovation Act and the Small Business Assistance Act - to enhance support for small businesses, particularly in economically distressed areas. It establishes a more targeted small business investment program that reserves 50% of grant funds for organizations located in economic redevelopment areas or qualified census tracts, which are defined as areas with high unemployment and poverty rates. The bill expands the department's grant program to provide up to $25,000 for individuals starting businesses and up to $12,500 for small businesses less than five years old, with specific eligibility requirements based on individual income and business ownership. Additionally, the bill mandates professional counseling services for small business owners, requiring the Department of Economic Development to contract with private entities to provide comprehensive business support services like accounting, tax preparation, strategic planning, and financial coaching. The bill also introduces more rigorous performance criteria and reporting requirements for these service providers, including the need to serve communities equitably, demonstrate measurable impact, and maintain accountability. The changes aim to foster entrepreneurship, create jobs, and support economic development in underserved areas of Nebraska, with the new provisions set to become operative on July 1, 2025.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59172