HRS §210-7
State loans to development companies and tech grant funding
This section lets the state business department lend money to development companies that need extra funds to qualify for federal small business loans. It also says the state should quickly transfer money to the Hawaii technology development corporation for small business research grants, if funds are available. If not enough money is available, the director must tell the corporation that a transfer will happen later.
state agencies
The statute, as written — Loans to development companies
(a) The department of business, economic development, and tourism may make loans to development companies incorporated in the State for the purpose of supplementing the funds required to be forthcoming to qualify development companies to receive financial assistance under Title V of SBIA. The loans shall be subject to terms and conditions established by the department as similar as possible to applicable terms and conditions prescribed by regulations adopted by SBA. (b) Subject to the availability of funds, a request from the Hawaii technology development corporation for a transfer of funds to supplement appropriations for small business innovation research grants shall be granted expeditiously. If available funds are inadequate for a transfer to the development corporation, the director shall advise the development corporation that a transfer will be made when sufficient funds are available in the Hawaii capital loan revolving fund.
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