Economic development changes approved

Lawmakers gave final approval March 27 to a bill that makes changes to two Nebraska economic development programs.

LB1114, introduced by Omaha Sen. Heath Mello, places a pilot program currently under the Small Business Innovation Act under the umbrella of the Business Innovation Act. The pilot program provides technical support for Nebraska-based, high-growth businesses to foster growth and development.

In addition, the bill extends the Business Innovation Act termination date from Oct. 1, 2016 to Dec. 1, 2021.

The bill also appropriates $50,000 to a new High Growth Business Development Cash Fund, which will be administered by the state Department of Economic Development. The fund will be used to commission an analysis of ways to support and increase venture capital in Nebraska, including an examination of best practices in other states.

Finally, the bill changes a cap on grants in the Community Development Assistance Act. The current cap of $350,000 per year will be reduced to $300,000 for fiscal year 2014-15.

LB1114 passed on a 43-0 vote.