STAND. COM. REP. NO. 342-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 2391

 

 

 

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. 2391 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII STRATEGIC DEVELOPMENT CORPORATION,"

begs leave to report as follows:

The purpose of this bill is to allow the Hawaii Strategic Development Corporation (HSDC) to continue providing venture capital to Hawaii's emerging growth businesses, and to help diversify Hawaii's economy by ensuring the continuation of the HSDC Revolving Fund.

The Department of Business, Economic Development, and Tourism (DBEDT) and Hawaii Venture Capital Association submitted testimony in support of this measure.

Act 178, Session Laws of Hawaii 2004, would have repealed the HSDC Revolving Fund on July 1, 2004. DBEDT explained that private sector financing is not at a level that meets the needs of Hawaii's entrepreneurs. Your Committee finds that the HSDC Revolving Fund is still necessary to provide needed venture capital and to expand sources of equity investment to support Hawaii's start-up companies.

 

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. 2391 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