H.B. 512 Summary

• Establishes an entrepreneurship grant program within the Department of Business, Economic Development, and Tourism to support small businesses in Hawaii.

• Awards up to $50,000 per grant to businesses that are organized in the U.S., meet Small Business Administration size standards, are registered with the state, have current general excise tax licenses, and are not barred from federal funds.

• Grant amounts determined based on fund availability and the amount requested, with final approval authority held by the DBEDT director.

• Appropriates unspecified general revenues for fiscal years 2023-2024 and 2024-2025 to fund the grant program.

• Takes effect July 1, 2023.