Bill Summaries: H 943 THE NC SMALL BUSINESS TECH. & INNOVATION ACT.

Tracking:
  • Summary date: Apr 16 2013 - More information

    Amends GS 143B-437.71(b) adding subsection (iii) stating that monies in the One North Carolina Fund (Fund) may also be allocated to the One North Carolina Small Business Technology and Innovation Account (Account) created pursuant to subsection (d) of this section in an amount not to exceed $10 million.

    Amends GS 143B-437.71 adding subsection (d) creating the Account in the Fund as a special account to be used for the North Carolina Small Business Technology and Innovation Program (SBTI Program).

    Enacts new GS 143B-437.84 creating and outlining the purpose of the SBTI Program. The SBTI Program will be administered by the North Carolina Board of Science and Technology (the Board) and will provide funds to assist eligible small businesses to (1) obtain government contracts for research and development, (2) obtain the benefits of research and development performed under government contracts or at government expense, and (3) coordinate with other state agencies a schedule for release of SBTI solicitations to maximize eligible small business opportunities to respond to solicitations. Specifies grant eligibility requirements. Provides an application and selection process. Specifies grant amounts based on the phase the business is in.

    Enacts GS 143B-437.84 outlining program guidelines for the Board for administration of the Program.

    Enacts GS 143B-437.85 requiring the Board to create, and the Department of Commerce to publish, a report on the use of funds in the SBTI Program on September 1 of each year until all of the funds have been expended. Requires the report to be submitted to specified General Assembly entities.

    Appropriates $4 million for 2013-14 and $8 million for 2014-15 from the General Fund to the Department of Commerce to be allocated to the Board for the Program in the 2013-15 biennium. Allows up to 5% of the funds to be used for administering the program.


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