FINAL BILL REPORT

SSB 5241

                              C 312 L 89

BYSenate Committee on Economic Development & Labor (originally sponsored by Senators Anderson, Lee, Saling, McMullen and West)

Promoting small business growth.

Senate Committee on Economic Development & Labor and Committee on Ways & Means

House Committe on Trade & Economic Development

Rereferred House Committee on Appropriations

SYNOPSIS AS ENACTED

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 nonbank 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 promote small business securities financing, keep abreast of national trends and preferences in capital markets, and provide timely information to both investors and entrepreneurs.  The Business Assistance Center may charge fees for its services.

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

Appropriation:  $115,000 from the state general fund to the Department of Trade and Economic Development

VOTES ON FINAL PASSAGE:

     Senate   44    0

     House 97  0 (House amended)

     Senate          (Senate refused to concur)

     House           (House refused to recede)

     House 97  0 (House receded)

     Senate   44    1

EFFECTIVE:July 23, 1989