HB467 Summary

• Authorizes the Alabama Innovation Corporation to issue additional state matching capital to certified growth funds to expand access to capital for rural and minority-owned businesses in Alabama.

• Amends the definition of "SSBCI Funding" to allow up to $25,000,000 in appropriated state funds to supplement federal American Rescue Plan Act allocations for the program.

• Modifies application procedures to allow growth fund applicants to be approved within 90 days of receiving a state appropriation of funds, in addition to the existing 30-day timeline following federal fund approval.

• Bill becomes effective three months after passage but remains inoperative until the Legislature appropriates a minimum of $12,500,000 to the SSBCI Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act Account for fiscal year 2023-2024.