81-12,234. Small business grant program; grant; eligibility; amount; professional counseling services; department; contract with private entity.

(1) The department shall create and administer a grant program to:

(a) Provide grants of up to twenty-five thousand dollars to individuals looking to start a small business. An individual shall be eligible for a grant under this subdivision if the following requirements are met:

(i) The individual earned no more than fifty-five thousand dollars in the most recently completed calendar year;

(ii) The individual has a personal net worth of no more than two hundred thousand dollars, excluding the individual's primary residence; and

(iii) The individual does not have an ownership interest in any other business; and

(b) Provide grants of up to twelve thousand five hundred dollars to individuals who own a small business that has been in existence for no more than five years. An individual shall be eligible for a grant under this subdivision if the following requirements are met:

(i) The gross revenue of the small business has grown by no more than twenty-five percent over the most recently completed calendar year;

(ii) The individual has a personal net worth of no more than two hundred thousand dollars, excluding the individual's primary residence; and

(iii) The individual does not have an ownership interest in any other business.

(2) The department shall contract with a private entity to provide professional counseling services to individuals who are looking to start a small business or who have started a small business within the previous five years. Such counseling services shall be in the following areas:

(a) Accounting and budgeting;

(b) Tax return preparation;

(d) How to write a business plan;

(e) Payroll processes;

(f) Financial planning and investments;

(g) Debt management;

(h) Strategic planning;

(i) Technology coaching; and

(j) Financial statement review.

(3) The private entity with which the department contracts under subsection (2) of this section shall not have any other contracts with the state that involve the provision of services described in subsection (2) of this section.

Source:Laws 2022, LB450, § 13.