FISCAL NOTE

House Bill 289 as introduced appropriates $97,943,015 from the American Rescue Plan Act – State Small Business Credit Initiative Fund to the Department of Finance for the fiscal year ending September 30, 2022. This bill provides that these funds may be delegated through memoranda of agreement to the Alabama Innovation Corporation or other designated entity, to be used as follows:

(a) up to $25,000,000 to implement the venture capital program created by Act 2021-492;

(b) up to $25,000,000 to establish a second venture capital program; and

(c) up to $47,943,015 to establish small business loan programs.

This bill also provides that any amount of this appropriation remaining unexpended on September 30, 2022, shall be reappropriated to the Department for the same purpose for fiscal year 2023, and for all fiscal years thereafter.