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HI SB757
Bill
AI Summary
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Reestablishes the Hawaii Capital Loan Revolving Fund to provide capital access to small businesses facing a shortage of available financing options.
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Directs all principal and interest payments from outstanding loans to be deposited into the revolving fund to reduce or eliminate the need for future general fund appropriations.
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Authorizes the Department of Business, Economic Development, and Tourism to contract with financial institutions for loan servicing and administration.
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Appropriates unspecified sums from general revenues for fiscal years 2011-2012 and 2012-2013 for deposit into the revolving fund.
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Appropriates unspecified sums from the revolving fund for fiscal years 2011-2012 and 2012-2013 for operations of the Hawaii Capital Loan Program.
Legislative Description
Small Business; Hawaii Capital Loan Revolving Fund; Appropriation
Last Action
(H) Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting no (0) and Belatti, Chang, Tokioka excused (3).
3/23/2011