2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Plum
Business Incubator Program

Item 102 #7h

Item 102 #7h

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Business Assistance, Department of FY2007 $300,000 FY2008 $300,000 GF

Page 80, line 14, strike "$12,764,728" and insert "$13,064,728".
Page 80, line 14, strike "$12,695,160" and insert "$12,995,160".
Page 81, after line 11, insert:
"E. Out of the amounts provided for Economic Development Services shall be provided $300,000 in the first year and $300,000 in 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" contributions.  The Department of Business Assistance shall monitor the progress of the grantees and report to the Chairmen of House Appropriations and Senate Finance 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 number of jobs created, and the applicants' expenses in managing the small business incubator."

(This amendment provides $300,000 from the general fund each year for the Small Business Incubator Grant program managed by the Department of Business Assistance.)