Bill > SB268

This bill, titled "Local Project Money To Small Businesses," amends the "Local Economic Development Act" to ensure that at least twenty-five percent of funds administered by the department for economic development projects are specifically allocated to support small businesses, which are defined as independently owned businesses with twenty-five or fewer employees. It also establishes a new "local economic development fund" within the state treasury, which will be administered by the department and will not revert to other funds at the end of a fiscal year, making its money available for economic development projects under the Act.