H.B. 1402 Summary

• Establishes the micro enterprise assistance program on Hawaiian home lands revolving fund to provide grants and loans to qualified recipients.

• Fund receives deposits from legislative appropriations, federal grants and subsidies, private investments, and voluntary contributions.

• Eligible recipients include qualified native Hawaiians as defined by the Hawaiian Homes Commission Act of 1920, native Hawaiian-controlled homestead associations, and homestead associations' designated tax exempt community development corporations.

• Appropriates unspecified sums from general revenues for fiscal years 2019-2020 and 2020-2021 for deposit into the revolving fund, and appropriates unspecified sums from the revolving fund for loans or grants.

• Takes effect on July 1, 2050.