SENATE BILL REPORT

ESB 6272

BYSenators Anderson, Smitherman, Lee, Warnke, Cantu, Deccio, McMullen, Saling, Williams, Conner, West, Fleming and Smith

Establishing the Washington investment opportunities office.

Senate Committee on Economic Development & Labor

Senate Hearing Date(s):January 12, 1988; January 18, 1988

Majority Report:  Do pass as amended.

      Signed by Senators Lee, Chairman; Anderson, Vice Chairman; Cantu, Conner, Deccio, McMullen, Saling, Smitherman, Warnke, West, Williams.

Senate Staff:Jack Brummel (786-7428)

                  February 2, 1988

AS PASSED SENATE, FEBRUARY 1, 1988

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 is created in the Business Assistance Center of the Department of Trade and Economic Development. The 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.

Referrals between the Investment Opportunity office and the Small Business Innovators' Opportunity program are required.

Appropriation:    none

Revenue:    yes

Fiscal Note:      available

Senate Committee - Testified: David Dougherty; Business Assistance Center; Bill Lotto, EDEW; Collin Sprague, AWB; Gary Smith, Independent Business Association