BHB/6/14
Sponsored by Max Chi, Jonah Elijovich, Cooper Mears of Lausanne Collegiate School
This legislation was filed in the Economic and Community Development category
Presented as part of the YIG Volunteer 2024 conference
| 1 | BE IT ENACTED BY THE TENNESSEE YMCA YOUTH IN GOVERNMENT |
| 2 | |
| 3 | Section 1: Terms in the Act will be defined as follows: |
| 4 | Small Business- A business containing less than 250 full and part-time employees. |
| 5 | Sustainability- The ability of a business to thrive economically, socially, and environmentally over |
| 6 | an extended period of time. |
| 7 | |
| 8 | Section 2: |
| 9 | Establish a Small Business Support Fund within the Tennessee Department of Economic and |
| 10 | Community Development. |
| 11 | Allocate funds annually to support small businesses through grants, low-interest loans, and |
| 12 | technical assistance from taxpayers. |
| 13 | Prioritize funds for businesses in underserved communities, including rural areas and minority- |
| 14 | owned enterprises. |
| 15 | |
| 16 | Section 3: |
| 17 | Provide small businesses resources to explore in market resources, e-trade, and community |
| 18 | outreach. |
| 19 | Prioritize state departments and resources to invest in small businesses. |
| 20 | |
| 21 | Section 4: |
| 22 | Actively encourage & promote collaboration between small businesses and universities. |
| 23 | Leverage the private sector to openly cooperate with small businesses. |
| 24 | |
| 25 | Section 5: |
| 26 | Establish a Technological Support Hub within the Tennessee Chamber of Commerce |
| 27 | The hub will offer a digital literacy program and incubator programs. |
| 28 | |
| 29 | Section 6: |
| 30 | The addition of the aforementioned establishments will cost $30 million and will be funded through |
| 31 | the Tennessee Department of Economic and Community Development. |
| 32 | |
| 33 | Section 7: This act shall take effect June 1, 2024, the public welfare requiring it. |
| 34 |