Summary of Bill S 991

Bill Information

• Bill Number: S 991
• Title: Relates to requiring state economic development agencies to provide preferences to small businesses and entrepreneurs in the programs that they administer
• Status: Referred to Commerce, Economic Development and Small Business
• Introduced: January 08, 2025
• Classification: Bill

Purpose and Intent

Bill S 991 aims to enhance support for small businesses and entrepreneurs by mandating state economic development agencies to prioritize these entities in the programs they administer. The intent is to foster a more equitable economic environment that encourages growth and innovation among smaller enterprises, which are often seen as vital to local economies.

Key Provisions

• Preference Requirement: The bill requires state economic development agencies to implement policies that give preference to small businesses and entrepreneurs when allocating resources, grants, and other forms of assistance.
• Program Administration: Agencies must revise their program guidelines to ensure that small businesses are adequately represented and supported in all economic development initiatives.
• Evaluation Metrics: The bill may include provisions for establishing metrics to evaluate the effectiveness of these preferences in promoting small business growth and entrepreneurship.

Affected Parties

• Small Businesses: The primary beneficiaries of this bill are small businesses and entrepreneurs who will gain improved access to state resources and support.
• State Economic Development Agencies: These agencies will need to adjust their policies and procedures to comply with the new requirements set forth in the bill.
• Local Economies: By supporting small businesses, the bill is expected to have a positive impact on local economies, potentially leading to job creation and increased economic activity.

Procedural Aspects

• Current Status: As of January 08, 2025, the bill has been referred to the Committee on Commerce, Economic Development and Small Business for further consideration.
• Related Legislation: This bill is part of a broader legislative context, with several related bills from prior sessions (e.g., S 2089, S 6588, S 1530) that may address similar themes or objectives regarding small business support.

Conclusion

Bill S 991 represents a significant step towards enhancing the role of small businesses in the state's economic development strategy. By requiring state agencies to prioritize these entities, the bill seeks to create a more supportive environment for entrepreneurship, which is crucial for economic resilience and growth. The ongoing legislative process will determine the final form and impact of this bill.