Bill

Bill > HB286


GA HB286

Seed-Capital Fund; create a subfund to provide startup capital to certain small businesses; provisions


summary

Introduced
02/05/2025
In Committee
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT To amend Chapter 10 of Title 10 of the Official Code of Georgia Annotated, relating to the Seed-Capital Fund, so as to create a subfund to provide startup capital to certain small businesses that are majority owned by students or graduates of a small business program of study of TCSG; to provide for terms and conditions; to provide for conforming changes; to provide for definitions; to provide for related matters; to repeal conflicting laws; and for other purposes.

AI Summary

This bill creates a small business innovation startup capital subfund within Georgia's existing Seed-Capital Fund, specifically designed to support small businesses primarily owned by students or graduates of Technical College System of Georgia (TCSG) small business programs. The bill defines a "small business" as a state-registered business that is at least 51% owned by program entrepreneurs, not dominant in its field, less than ten years old, and engaged in innovative work in technology, manufacturing, or agriculture. To receive startup capital from the subfund, businesses must submit a comprehensive application to the center and TCSG, including a detailed business plan, financial projections, and evidence of potential economic impact. The center and TCSG will evaluate applications based on criteria such as the likelihood of the business's success, the potential for creating new value-added products or services, and the entrepreneurs' commitment to the business. The subfund can be composed of gifts, grants, private donations, and government funds, and will be managed to provide direct support for starting and operating these innovative small businesses, with the ultimate goal of encouraging economic growth and diversification in Georgia.

Committee Categories

Education

Sponsors (6)

Last Action

House Higher Education (14:00:00 2/26/2025 606 CLOB) (on 02/26/2025)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...