Bill > HB455

This bill aims to support start-up businesses in Hawaii by appropriating funds to the Department of Business, Economic Development, and Tourism for contracting services that provide business financing and support. The legislature recognizes that the COVID-19 pandemic, supply chain issues, and inflation have significantly impacted the state's economy, particularly small businesses and entrepreneurs. Acknowledging that new businesses under five years old create the most jobs in the United States, the bill seeks to address the lack of resources and access to capital that prevent potential entrepreneurs from launching their businesses. The appropriation will be used to create a program that focuses specifically on helping new businesses get started, rather than supporting existing businesses to expand. Notably, businesses already eligible for the community-based economic development loan program are excluded from this new initiative. The bill appropriates an unspecified sum of money for fiscal years 2025-2026 and 2026-2027, with the goal of encouraging entrepreneurship, economic diversification, and resilience in Hawaii's business ecosystem. The bill is set to take effect on July 1, 3000 (which appears to be a typographical error and likely means 2025).

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=455&year=2026