HI HB1449

Establishes the impact loan fund for Hawaii (HI-impact loan program) within the Hawaii Strategic 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 and construction-technology, life science-technology, biomedical engineering-technology, and aerospace-technology.

Limits eligibility to for-profit businesses located in Hawaii with fewer than 16 full-time equivalent employees and pre-revenue status or less than $500,000 in aggregate equity investments, with loans offered as convertible notes bearing 8 percent interest.

Requires applicants to submit commercialization budgets, business plans, secure customer contracts equal to or greater than 10 percent of the loan amount, and provide a $1 match of private funds for every $2 of loan amount received.

Establishes the HI-impact special fund to be administered by the Hawaii Strategic Development Corporation, with revenues from loan repayments, fees, fines, penalties, and legislative appropriations, limited to 15 percent for administration costs.

Appropriates unspecified sums from general revenues for fiscal years 2017-2018 and 2018-2019 to the HI-impact special fund with an effective date of July 1, 2038.