Small business assistance bill approved

A statewide pilot program to provide technical assistance to small businesses was given final approval by senators May 18.

LB345, sponsored by Lincoln Sen. Danielle Conrad, establishes the Small Business Innovation Act.

Under the bill, the state Department of Economic Development will administer the pilot program, which will assist up to 40 Nebraska-based growth businesses, at least one half of which will be located in counties with fewer than 50,000 inhabitants.

A qualifying business must have between five and 50 employees and annual sales revenue between $500,000 and $2.5 million.

The program will be funded by $200,000 from the general fund in fiscal year 2011-12 and FY2012-13, which will be offset by reducing the total amount of tax credits granted under the Community Development Assistance Act by $200,000 per year for the same time period.

LB345 takes effect immediately and passed on a 47-2 vote.