HI HB2219

Establishes the HI-impact loan program within the High Technology Development Corporation to provide commercialization loans to Hawaii-based small businesses in technology fields including dual-use, tourism-technology, agriculture-technology, ocean recreational-technology, finance-technology, building/construction-technology, life science-technology, biomedical engineering-technology, and aerospace-technology, excluding energy generation.

Limits program eligibility to for-profit businesses located in Hawaii with fewer than 16 full-time employees that are pre-revenue or have received less than $500,000 in aggregate equity investments.

Requires applicants to have a customer contract or purchase order equal to at least 10% of the loan amount, submit a commercialization budget and business plan, and perform majority of work in Hawaii.

Establishes the HI-impact special fund in the state treasury, funded by loan repayments, fees, fines, penalties, legislative appropriations, and interest, with no more than 15% available for administration costs.

Appropriates funds from general revenues for fiscal year 2016-2017 to deposit into the HI-impact special fund and authorizes expenditures by the High Technology Development Corporation; takes effect July 1, 2016.