HB 340-REPEAL BIDCO ASSISTANCE PROGRAM                                                                         
                                                                                                                                
7:58:54 AM                                                                                                                    
CHAIR COSTELLO announced the consideration of HB 340.                                                                           
                                                                                                                                
7:59:07 AM                                                                                                                    
MIKE  NAVARRE, Commissioner,  Department  of Commerce,  Community                                                               
and Economic  Development, introduced  HB 340. He  explained that                                                               
the BIDCO  Program was established  in 1992.  In 2004 a  loan and                                                               
financial assistance  piece was added, but  the legislature never                                                               
funded the program. HB 340 removes that piece from the statutes.                                                                
                                                                                                                                
CHAIR  COSTELLO  asked  if  the  department  oversees  a  similar                                                               
program or if this was simply an unused program.                                                                                
                                                                                                                                
COMMISSIONER NAVARRE  explained that loans are  available through                                                               
AIDEA for business and industrial  development and there are also                                                               
several  different loans  within the  department. The  BIDCO loan                                                               
program   was   intended   to  be   like   the   Small   Business                                                               
Administration  (SBA) and  provide loans  to businesses,  but the                                                               
legislature  determined there  were  other  opportunities in  the                                                               
financial market to meet the need.                                                                                              
                                                                                                                                
8:00:53 AM                                                                                                                    
CHAIR COSTELLO opened public testimony  on HB 340. Finding no one                                                               
who wished to comment, she closed public testimony.                                                                             
                                                                                                                                
8:01:14 AM                                                                                                                    
SENATOR MEYER moved  to report HB 340, version  A, from committee                                                               
with individual recommendations and attached fiscal note(s).                                                                    
                                                                                                                                
CHAIR  COSTELLO found  no objection  and  HB 340  moved from  the                                                               
Senate Labor and Commerce Standing Committee.