[r74] Rep. Ellspermann's bill to benefit Indiana young entrepreneurs signed into law (3/23/2011)

Wednesday, March 23, 2011

Start Date: 3/23/2011 All Day
End Date: 3/23/2011

Rep. Ellspermann's bill to benefit Indiana young entrepreneurs signed into law

STATEHOUSE - On Tuesday, Gov. Mitch Daniels signed into law a bill authored by State Rep. Sue Ellspermann (R-Ferdinand) that promotes economic development and business opportunities for young entrepreneurs and communities across the state. House Bill 1251 establishes a Young Entrepreneurs Program for students enrolled in entrepreneurship programs in Indiana.

"I authored this bill out of my primary concerns of creating jobs for Hoosiers and promoting young entrepreneurship," said Rep. Ellspermann.

The Young Entrepreneurship Program that HB 1251 provides for will be set up through the Indiana Economic Development Corporation (IEDC) to promote business proposals of students graduating in entrepreneurship programs across the state. Young entrepreneurs would apply to the program by sending in a business proposal, startup needs, and their preferred locations for the startup, and the IEDC would select a number of applicants to participate in previews for Indiana communities to review. Communities would be given the opportunity to bid for the proposals to have the startup brought to their community.

Indiana's Office of Community and Rural Affairs will assist more rural communities in preparing bids to help them compete with larger communities. At least one preview would be held each year, and a yearly report would be prepared detailing the impact the program has had on the state.

"These small business startups are excellent job creators for our state, and this program helps ensure that our state remains competitive in attracting businesses and promoting their success.

"This program benefits our young Hoosier entrepreneurs and local communities across the state. I am thrilled my first bill signed into law promotes job creation," said Rep. Ellspermann.

HB 1251 will go into effect on July 1, 2011.