HB 2365 Summary

• Establishes a microenterprise development program in the Department of Financial Institutions to support low-income entrepreneurs through grants, loans, and technical assistance.

• Requires the department to contract with a statewide microenterprise association by September 1, 2015, to serve as the state's agent in delivering services and distributing funds to local microenterprise development organizations.

• Creates a microenterprise development advisory group with representatives from nine state agencies and entities (including Department of Economic Security, Arizona Commerce Authority, community colleges, and others) to coordinate microenterprise activities.

• Establishes the microenterprise development fund supported by loan interest, grants, and donations, with administrative costs capped at 10 percent and recipients required to match 25 percent of grant funds from non-state sources.

• Sunsets the program on July 1, 2023, and requires the Joint Legislative Audit Committee to evaluate program outcomes by January 1, 2018, using measures including job creation and capital access.