HB 2267 Summary

• Establishes a microenterprise development program within the Department of Financial Institutions to support low-income entrepreneurs through community-based nonprofit organizations.

• Requires the department to contract with a statewide microenterprise association by September 1, 2013, to provide organizational support and distribute grants and loans to local microenterprise development organizations.

• Creates a microenterprise development advisory group composed of representatives from state agencies including the Department of Economic Security, Industrial Commission, Department of Commerce, Attorney General's Office, Arizona Commission of Indian Affairs, community colleges, and Arizona Board of Regents to coordinate state microenterprise efforts.

• Establishes a microenterprise development fund consisting of interest from loans, grants, and donations, with no more than 10 percent used for administrative expenses and requires recipient organizations to provide 25 percent matching funds from non-state sources.

• Requires annual independent audits of microenterprise development organizations, mandates a legislative evaluation by January 1, 2016, and automatically terminates the program on July 1, 2021.