Date: 03/21/2013

Final
BILL SUMMARY for HB13-1253

HOUSE COMMITTEE ON BUSINESS, LABOR, ECONOMIC, & WORKFORCE DEVELOPMENT

Votes: View--> Action Taken:
Adopt Amendment L.001 (Attachment C). The motion p
Conceptual amendment on Page 4 to strike lines 16
Refer House Bill 13-1253, as amended, to the Commi		Pass Without Objection

PASS



01:32 PM -- House Bill 13-1253

Representative Lee, prime sponsor, discussed the provisions of House Bill 13-1253. The bill requires the Office of Economic Development (OEDIT) to contract for a study to assess the need and availability of capital for Colorado small businesses. Representative Lee stated that the Denver Metro Chamber of Commerce is neutral on this bill and distributed a letter of support from OEDIT's Kelly Manning (Attachment A).

130321 AttachA.pdf130321 AttachA.pdf

The following people testified on the bill:

01:42 PM -- Gordon Nuttall, Couragent, Inc., spoke in favor of the bill. Mr. Nuttall distributed a handout on his presentation (Attachment B) and discussed his personal experiences raising capital for his C-corporation, including experiences with crowdfunding and angel investments. Mr. Nuttall stated that the benefit of this bill is that it will provide education for policy makers as well as entrepreneurs. Mr. Nuttall responded to questions from the committee.

130321 AttachB.pdf130321 AttachB.pdf

01:52 PM -- Karl Dakin, Regis University, spoke in favor of the bill. Mr. Dakin stated that an understanding of capital is critical for small businesses, but highly complicated for newcomers. He discussed changes in the capital landscape in last five years.

01:57 PM -- Greg Olinyk, Point-of-Reference, LLC, spoke in favor of the bill. Mr. Olinyk stated that he was a 30-year veteran of the financial industry. He discussed hurdles to small businesses caused by the banking industry. Mr. Olinyk noted that the banking industry was not represented in the committee room. Representative Lee stated that his office had reached out to the banking industry. Mr. Olinyk responded to questions from the committee. Committee discussion ensued on OEDIT's participation in the bill and the program's funding availability.

02:04 PM -- Jon Senft, Legislative Council Staff, came to the table to discuss the fiscal note. He stated that resources for the bill will come from cash funds. Representative Lee stated that the bill will also be able to leverage federal funds for Small Business Development Centers. Questions from the committee continued on the estimate and the bill's procurement code exemption.

02:14 PM

The committee took a brief recess to wait for the bill drafter.

02:17 PM

The committee came back to order.

02:18 PM -- Duane Gall, Office of Legislative Legal Services, came to the table to answer questions on the procurement code exemption. Representative Williams moved a conceptual amendment to remove the procurement code exemption from the bill (Attachment C).

130321 AttachC.pdf130321 AttachC.pdf
BILL:HB13-1253
TIME: 02:20:34 PM
MOVED:Kraft-Tharp
MOTION:Adopt conceptual Amendment L.001 (Attachment C). The motion passed without objection.
SECONDED:Williams
VOTE
DelGrosso
Exum
Hamner
Holbert
Navarro
Nordberg
Rosenthal
Ryden
Szabo
Excused
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


02:21 PM

The committee discussed another conceptual amendment.
BILL:HB13-1253
TIME: 02:22:28 PM
MOVED:Williams
MOTION:Conceptual amendment on Page 4 to strike lines 16 through 19 and substitute "COMPETITIVE BIDS". The motion passed without objection.
SECONDED:Kraft-Tharp
VOTE
DelGrosso
Exum
Hamner
Holbert
Navarro
Nordberg
Rosenthal
Ryden
Szabo
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION:



02:23 PM

Representative Lee made closing comments. He stated the bill would help all involved with small business development to have access to empirical investment information.

BILL:HB13-1253
TIME: 02:25:38 PM
MOVED:Hamner
MOTION:Refer House Bill 13-1253, as amended, to the Committee on Appropriations. The motion passed on a vote of 6-5.
SECONDED:Kraft-Tharp
VOTE
DelGrosso
No
Exum
Yes
Hamner
Yes
Holbert
No
Navarro
No
Nordberg
No
Rosenthal
Yes
Ryden
Yes
Szabo
No
Kraft-Tharp
Yes
Williams
Yes
YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS