[r46] Rep. Heaton's Microenterprise Legislation (1/24/2011)

Monday, January 24, 2011

Start Date: 1/24/2011 All Day
End Date: 1/24/2011
STATEHOUSE - Representative Bob Heaton (R-Terre Haute) authored House Bill 1192, which will transfer administration and management of the microenterprise partnership program from the Indiana Economic Development Cooperation (IEDC) to the Indiana Housing and Community Development Authority (IHCDA).

HB 1192 passed the House by a vote of 89-0.

"Currently, this fund is not very large and wouldn't be able to give many Hoosier entrepreneurs a really serious boost," said Rep. Heaton. "The IHCDA will have access to more money and will be able to hopefully grow this fund to better serve Hoosiers with ambition to build their local economy. The IHCDA is more than capable of managing and distributing this type of funding. It's a better strategic fit."

This is Rep. Heaton's first bill to pass the House as a legislator.  

A microenterprise is considered to be any business with less than five employees. Only microenterprises are eligible for these grants. These grants cannot exceed $25,000, and 50 percent of the grants cannot exceed $10,000.

Indiana is currently home to 74,630 microenterprises with less than five employees. About 15.5 percent of all employed Hoosiers are employees of a microenterprise.

HB 1192 will next be heard and voted on in the Indiana Senate.