Small Business Incubator Program

Item 95 #4c

Language
Page 68, line 2, strike "$19,878,830" and insert "$20,378,830".
Page 68, line 2, strike "$19,798,631" and insert "$20,298,631".
Page 68, after line 33, insert:  
"E.  Out of the amounts provided for Industrial Development Services shall be provided $500,000 the first year and $500,000 the second year from the general fund for a statewide small business incubator program.  Grants shall be awarded on a competitive basis with preference given to applicants demonstrating significant local, private, or federal match money.  Cash contributions shall be afforded higher priority than "in-kind" matches.  The Department of Business Assistance shall monitor the progress of the grantees and report to the Chairmen of the Senate Finance and House Appropriations Committees by November 4 of each year.  The report shall include, but not be limited to, the number of grants awarded, the location and degree of local and private participation of each successful applicant, the number of businesses to be served at each site, the level of business investment at each site, the number of jobs created, and the applicant's expenses in managing the small business incubator.  The Department may use up to $50,000 the first year and $50,000 the second year from the general fund to support the small business incubator program."

Explanation
(This amendment implements the findings and recommendations of a legislative study, by providing the Department of Business Assistance with $500,000 each year from the general fund for a statewide small business incubator program.)