Idaho Small Business Federal Funding Assistance Act — Fund Created

TITLE 67 STATE GOVERNMENT AND STATE AFFAIRS CHAPTER 47 DEPARTMENT OF COMMERCE 67-4723A. idaho small business federal funding assistance act — FUND CREATED. (1)  There is hereby created in the state treasury the Idaho small business assistance fund to which shall be credited all moneys that may be appropriated, apportioned, allocated, and paid back to the fund, including grants, federal moneys, donations, gifts, funds from any other source or otherwise provided by law. The moneys in the fund shall be used to reimburse Idaho small businesses for costs incurred in the process of developing and submitting federal grant proposals and to compete for awards. The Idaho department of commerce shall administer the fund. (2)  As used in this section: (a)  "Federal funding" means grants available to for-profit businesses as awarded by federal agencies through small business innovative research grants, small business technology transfer research grants, broad area announcements or other grant programs. (b)  "Small business" means an Idaho for-profit company with five hundred (500) or fewer employees. (c)  "State grants" means a grant award of up to four thousand dollars ($4,000) limited exclusively to the reimbursement of claimable expenses incurred by an Idaho small business pursuant to the process of competing for federal funding awards. (3)  The department of commerce shall administer a program of state grants to assist and incentivize new, emerging, and expanding Idaho small, for-profit businesses in the development of federal funding proposals that lead to the development of commercial products or services. (4)  The department of commerce shall administer this program in such a way as to avoid favoritism of any particular enterprise and to maximize the public purposes of increasing the number of submitted proposals from Idaho small businesses and increasing the number of grant awards to these businesses. Particular attention shall be paid to the encouragement of companies that have not competed for federal funding awards in the past.