Bill > HB455

This bill establishes the Hawaii Start-Up Business Loan Program to address economic challenges faced by small businesses and entrepreneurs in Hawaii, particularly in the wake of the COVID-19 pandemic, supply chain disruptions, and inflation. Recognizing that new businesses under five years old create the most new jobs in the United States, the bill appropriates funds to the Department of Business, Economic Development, and Tourism to contract services for start-up business financing and support. The program aims to provide critical capital to entrepreneurs who struggle to access funding, with the goal of encouraging entrepreneurship, economic diversification, and resilience. Specifically, the bill allocates funding for fiscal years 2025-2026 and 2026-2027, with a key restriction that businesses already eligible for the community-based economic development loan program cannot participate in this new program. The department will be responsible for expending the appropriated funds and is expected to support start-ups that are looking to launch but lack the necessary resources. The bill is set to take effect on July 1, 3000 (which appears to be a typographical error and likely means July 1, 2024 or 2025).

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=455&year=2025