STATEHOUSE – A bill to promote entrepreneurship in Indiana passed out of Senate and will now go to the governor’s desk to be signed into law. House Bill (HB) 1332, co-authored by State Representative Tom Dermody (R-LaPorte), takes several entrepreneurship initiatives and organizations and combines them into a single office known as the Office of Small Business and Entrepreneurship (OSBE).
“Small businesses are the backbone of the economy and the driving force for Hoosier job creation,” said Rep. Dermody. “One way to improve our economy and create more jobs is by equipping Indiana’s bright young minds with the skills to turn their ideas into new start-ups. I co-authored House Bill 1332, which will consolidate and centralize Indiana’s efforts, under the Office of Small Business and Entrepreneurship, to better support entrepreneurs in all their endeavors.”
Currently, the Indiana Economic Development Corporation houses the Young Entrepreneurs Program (YEP), the Small Business Development Center and the Small Business Ombudsman. Under HB 1332, those organizations would all be transferred to the OSBE which was established by Governor Mike Pence in June 2013 to help support Hoosier start-ups.
According their website, the OSBE is responsible for providing information and serving as a point-of-entry for entrepreneurs as well as small businesses wishing to expand or relocate. Additionally, the organization develops and promotes entrepreneur programs, such as the YEP, which is set to expire on Jan. 1, 2015. HB 1332 extends that program for an additional two years.
“As a small business owner, I understand the challenges young entrepreneurs face when opening a business, and I applaud the OSBE’s efforts to help these individuals when starting out,” said Rep. Dermody. “I’m pleased that House Bill 1332, which will increase that support, received overwhelming backing by the General Assembly and is now heading to the governor’s desk to be signed into law.”
The bill will go into effect May 1, 2014.
Visit www.in.gov/legislative for more information about HB 1332.