HI SB1288

Establishes the Hawaii Pacific Small Business Consortium within the Department of Business, Economic Development, and Tourism to help small businesses obtain government contracts and develop business opportunities through combined resources.

Creates a seven-member board of directors appointed by the governor for staggered terms, expanding to ten members on January 1, 2018, with three additional members representing Pacific Rim business interests; board members must have small business or commerce expertise and cannot have financial interests in Hawaii business entities.

Authorizes the consortium to charge assisted businesses a fee of up to one percent of net profits generated as a result of the consortium's assistance, with fees deposited into a special fund.

Appropriates $10,000,000 for fiscal year 2015-2016 and $3,000,000 for fiscal year 2016-2017, with unencumbered funds exceeding $15,000,000 in the special fund lapsing to the state general fund annually.

Takes effect July 1, 2015.