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IN HB1355
Bill
Status
1/14/2019
Primary Sponsor
Robin Shackleford
Click for details
AI Summary
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Indiana Housing and Community Development Authority must create a grant program awarding up to $25,000 to business accelerators that support small businesses in operation for 5 years or less, with implementation required by July 1, 2020
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Appropriates $1,000,000 for fiscal year 2019-2020 and $1,000,000 for fiscal year 2020-2021 from the state general fund
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Grant recipients must obtain 50% matching funds from private sources, with no more than 25% of matching funds allowed as in-kind contributions
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At least 50% of appropriated funds must go to accelerators in geographically underserved areas or those serving businesses owned by disadvantaged individuals, formerly incarcerated individuals, individuals with disabilities, women, minorities, or veterans
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Grants may be used for construction, space acquisition, professional services, technology, and programmatic purposes, but cannot be used to provide capital directly to small businesses
Legislative Description
Small business development. Requires the Indiana housing and community development authority (authority) to develop and implement a program to award grants of not more than $25,000 to eligible entities to support new small business concerns. Defines "eligible entity" as an organization: (1) that is located in the United States; (2) the primary purpose of which is to support new small business concerns; and (3) that is often classified as an accelerator. Defines "small business concern" to mean a small business that has been in operation for not more than five years. Requires an eligible entity to obtain 50% matching funds from other sources in order to qualify for a grant. Appropriates $1,000,000 to the authority in the 2019-2020 state fiscal year and in the 2020-2021 state fiscal year. Requires the authority to award not less than 50% of the amounts appropriated to: (1) accelerators located in geographically underserved areas; and (2) accelerators for which not less than 50% of the small business concerns served by the accelerator are small business concerns that are: (A) owned and controlled by socially and economically disadvantaged individuals, formerly incarcerated individuals, or individuals with disabilities; (B) women's business enterprises; (C) minority business enterprises; or (D) veteran business enterprises.
Last Action
Representative Macer added as coauthor
1/17/2019