SENATE BILL REPORT

SB 5589

BYSenators Fleming, Smitherman, West, Wojahn and Warnke

Establishing the Washington investment opportunities office.

Senate Committee on Commerce & Labor

Senate Hearing Date(s):February 26, 1987

Senate Staff:Jack Brummel (786-7428)

AS OF FEBRUARY 25, 1987

BACKGROUND:

Small and young businesses have great potential for creating jobs, developing new products and expanding the state's tax base.  Unfortunately, these businesses are often unaware of the existence of non-bank capital sources.  Similarly, investors have difficulty finding solid investment opportunities in new businesses.  Institutionalizing a mechanism for meeting the information needs of investors and entrepreneurs will have a favorable impact on the Washington economy.

SUMMARY:

The Washington Investment Opportunities Office acts as a clearinghouse for entrepreneurs seeking capital and investors seeking good investments.  It will keep a list of entrepreneurs in the state looking for capital resources and will provide prospective investors with information about these entrepreneurs.  The office will keep abreast of national trends and preferences in capital markets and provide timely information to both investors and entrepreneurs.

Appropriation:    $200,000

Fiscal Note:      requested