Hawaii 2023 Regular Session

Hawaii Senate Bill SB825

Introduced

1/20/23

Refer

1/27/23

Caption

Relating To The Agribusiness Development Corporation.

Impact

The enactment of SB825 signifies a significant shift in how state resources are allocated toward supporting agricultural innovation and entrepreneurship. Appropriations from the state general revenues are expected to be set aside for both funds over the next two fiscal years, thus providing a consistent source of capital for promising agricultural projects. By supporting startups and value-added agricultural businesses, the bill aims to strengthen local food production, create jobs, and promote sustainability within Hawaii's agricultural industry.

Summary

SB825, relating to the Agribusiness Development Corporation, introduces two new funding mechanisms aimed at bolstering the agricultural sector of Hawaii. The bill establishes the 'Startup Agriculture Businesses and Farms Special Fund' dedicated to providing seed and venture capital for private sector projects targeting startup agricultural businesses and farms. Another component of the bill is the 'Value Added Startups Special Fund', which serves a similar purpose but focuses on businesses that add value to agricultural products. This will enable investors and entrepreneurs to access necessary initial capital to launch and grow agricultural ventures aimed at strengthening the local economy.

Contention

While the bill's intent is generally viewed as positive for the agricultural sector, there may be varying opinions regarding the allocation of funds and the potential effectiveness of the proposed mechanisms. Critics might raise concerns with respect to the management of these funds, including how capital is disbursed and the accountability measures in place for the Agribusiness Development Corporation. Additionally, concerns about whether these funds can successfully stimulate growth and foster a competitive agricultural landscape in Hawaii could arise from discussions both among legislators and stakeholders in the agricultural community.

Latest HI SB825 Activity

View All Events: HI 2023 Regular Session SB825

Companion Bills

No companion bills found.

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