H.B. 512 Summary

• Establishes an entrepreneurship grant program within the Department of Business, Economic Development, and Tourism to award grants up to $50,000 to eligible small businesses.

• Requires applicants to be organized or incorporated in the United States, meet Small Business Administration size standards, be registered in good standing with the business registration division, hold a current general excise tax license, and certify they are not barred from receiving federal funds.

• Director of Business, Economic Development, and Tourism has final authority to determine applicant eligibility and grant amounts are based on availability of funds and amounts requested.

• Appropriates unspecified general revenue funds for fiscal years 2023-2024 and 2024-2025 to support the entrepreneurship grant program.

• Effective date is July 1, 2023.