HI SB2504

Establishes the Hawaii high impact loan program for commercialization (HI-impact) within the High Technology Development Corporation to provide loans up to $100,000 to support Hawaii-based small businesses in technology fields including dual-use, tourism-technology, agriculture-technology, manufacturing-technology, sports-technology, finance-technology, and building/construction-technology.

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

Provides loans in the form of convertible notes bearing 8 percent interest, with businesses required to submit commercialization budgets, business plans, purchase orders or sales commitments, and repayment agreements.

Creates the Hawaii high impact loan program for commercialization special fund in the state treasury to be administered by the development corporation, with revenues from loan repayments, fees, and legislative appropriations; limits administrative expenses to no more than 15 percent of program funds.

Requires an annual report to the legislature on program activities and expenditures; takes effect July 1, 2050.