HB3438 Summary

• Enacts the Oklahoma Minority Business Start-Up Funding Act of 2014, authorizing the Oklahoma Department of Commerce to award grants up to $10,000 to minority-owned business enterprises.

• Requires eligible recipients to locate their principal business in areas designated as "low-income" by the United States Department of Housing and Urban Development.

• Defines "minority business" using the same criteria as the United States Small Business Administration for consistency with federal programs.

• Limits the program duration to a maximum of five years and requires funding to be provided through appropriations authorized by law.

• Effective July 1, 2014, with an emergency declaration for immediate implementation.