§206M-15 - High technology research and development loans and grants.

§206M-15 High technology research and
development loans and grants. (a) All moneys necessary to carry out the
purposes of this section shall be allocated by the legislature through
appropriations out of the state general fund. The development corporation
shall include in its budgetary request for the upcoming fiscal period, the
amounts necessary to effectuate the purposes of this section. All moneys,
interest charges, and other fees collected by the development corporation under
this section shall be deposited to the credit of the state general fund. In
making any expenditure under this section, the development corporation shall
analyze each funding request to determine whether the project to be undertaken
will be economically viable and beneficial to the State.

(b) The development corporation may provide
grants to any business in Hawaii that:

(1) Receives a federal small business innovation
research phase I award or contract from any participating federal agency, up to
fifty per cent of the amount of the federal award or contract;

(2) Receives a federal small business technology
transfer program award or contract from any participating federal agency, up to
fifty per cent of the amount of the federal award or contract; or

(3) Applies for a small business innovation research
federal grant or a small business technology transfer program federal grant, in
an amount not to exceed $3,000,

subject to the availability of funds.

(1) Specify the qualifications for eligibility of
grant applicants;

(2) Establish priorities in determining eligibility
in the event that insufficient funds are available to fund otherwise qualified
applicants; and

(3) Give preference to all qualified businesses
receiving their first award in one fiscal year over multiple award grantees.

The development corporation may adopt any other
rules pursuant to chapter 91 necessary for the purposes of this section.

(d) If funds appropriated for the purpose of
making grants under this section are inadequate to satisfy all qualified
requests, the development corporation shall apply for funds to be transferred
from the Hawaii capital loan revolving fund to provide the grants in accordance
with subsection (b). The amount of any single transfer of funds shall not
exceed $100,000, and the development corporation shall transfer the entire
amount back to the Hawaii capital loan revolving fund within twelve months of
receiving the funds. No more than one fund transfer shall be outstanding at
any one time. The director of business, economic development, and tourism may
transfer funds from the Hawaii capital loan revolving fund to the development
corporation upon request to carry out the purposes of this section. Transfers
of funds shall be made without any charges or fees. [L 1983, c 152, pt of §2;
am L 1989, c 196, §3; am L 1991, c 85, §1; am L 1992, c 63, §1; am L 1993, c
280, §18; am L 2000, c 72, §19; am L 2006, c 282, §2; am L 2009, c 136, §1]