Bill > HB1614

This bill establishes the Hawaii Technology Development Corporation Revolving Fund, a dedicated source of money managed by the Hawaii Technology Development Corporation (HTDC), the state's lead agency for fostering technology, innovation, and manufacturing. The fund's primary purpose is to provide the state's required matching contributions for federal grants awarded to the HTDC, which are crucial for securing federal funding for economic development initiatives. The bill explains that federal grants often require a state match, and the current process for obtaining these matching funds is too slow, putting Hawaii at a disadvantage and risking the loss of federal dollars. The revolving fund will ensure timely access to these matching funds, making Hawaii more competitive in securing grants that support small businesses, create jobs, and promote economic resilience. The fund will be replenished by federal grant money, reimbursements, and interest, and its use will be prioritized for grants that leverage state funds significantly or are projected to generate state revenue. The HTDC will be required to report annually to the legislature on the fund's balance, grant applications, matching fund usage, and project outcomes. The bill also includes appropriations to seed the fund and specifies that the money will only be released if the HTDC secures a qualifying federal grant.