Bill
HB 6738
Overview: HB 6738, "AN ACT ESTABLISHING A FORGIVABLE LOAN PROGRAM FOR CERTAIN INDIVIDUALS WHO START A BUSINESS IN THE TRADES", was introduced on January 27, 2025 and has been refer
Overview: HB 6738, "AN ACT ESTABLISHING A FORGIVABLE LOAN PROGRAM FOR CERTAIN INDIVIDUALS WHO START A BUSINESS IN THE TRADES", was introduced on January 27, 2025 and has been referred to the Joint Committee on Commerce.
Purpose and Intent: The bill aims to encourage the development of small businesses in the trades, such as construction, manufacturing, and skilled services, by providing forgivable loans to eligible individuals who start new companies in these sectors.
Key Provisions:
- Creates a state-funded forgivable loan program for individuals starting a new business in a trade occupation
- Establishes eligibility criteria, including residency, business type, and employment status
- Provides loan amounts up to $50,000 that can be forgiven if the business remains operational for a certain period
- Requires recipients to participate in mentorship and training programs to support their business development
Affected Parties and Impacts: The bill would primarily benefit aspiring entrepreneurs in trade-based industries, helping them overcome financial barriers to starting a new small business. This could spur job creation, economic growth, and the development of skilled trades within the state.
Procedural and Timeline Considerations: The bill has been referred to the Joint Committee on Commerce for further review and potential amendments. If passed, the forgivable loan program would likely be implemented within the next fiscal year, providing a new incentive for individuals to start businesses in the trades.
Compiled from official sources — confirm details with the bill’s official record.
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