NE LB47

Reserves 50% of small business investment program grant funds for organizations located in economic redevelopment areas or qualified census tracts, with at least 3 years of operation and 75% of service recipients in those areas

Expands professional counseling services for small businesses to specifically target economic redevelopment areas and qualified census tracts, allowing contracts with multiple private entities across Nebraska's three congressional districts

Adds "qualified census tract" as a defined term under both the Business Innovation Act and Small Business Assistance Act, referencing federal low-income housing tax credit criteria from 26 U.S.C. 42(d)(5)(B)(ii)(I)

Requires grantee organizations to engage in community engagement including formal advisory groups, twice-yearly public forums, and incorporation of community feedback into program delivery

Establishes performance-based criteria for contracted counseling providers including client satisfaction metrics, business outcome improvements, and geographic accessibility, with authority to terminate non-performing contracts