STAND. COM. REP. NO. 219-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 2392

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Economic Development and Business Concerns, to which was referred H.B. No. 2392 entitled:

"A BILL FOR AN ACT RELATING TO THE CAPITAL LOAN PROGRAM,"

begs leave to report as follows:

The purpose of this bill is to make financial resources available to new and existing small businesses who are unable to obtain assistance through private or conventional lenders by:

(1) Reinstating the Capital Loan Revolving Fund (Fund) which was set for repeal on July 1, 2004; and

(2) Maintaining the moneys in the Fund for the continuance of the loan program.

The Department of Business, Economic Development, and Tourism submitted testimony in support of this measure.

Your Committee notes that the Legislature, in the Regular Session of 2003, lowered the expenditure ceiling to the level needed to cover administration and personnel costs but not to make any loans, due to budget concerns and not because of opposition to the loan program.

As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2392 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Economic Development and Business Concerns,

 

____________________________

BRIAN SCHATZ, Chair