CHARLESTON, W.Va. – Delegate Moore Capito, R-Kanawha, has introduced two bills designed to promote entrepreneurship and small business innovation.
“Small businesses are the backbone of our economy and provide the greatest opportunity for job growth in our state,” Delegate Capito said. “We need to do everything we can to encourage entrepreneurship, which is an investment in our future.”
Delegate Capito has introduced two bills that will give the state Department of Commerce additional tools to help small businesses.
House Bill 4544 would create the West Virginia Small Business Innovation and Research and Small Business Technology Transfer Matching Funds Program. The bill would allow the state Commerce Secretary to provide up to $100,000 in state matching funds to small businesses that receive grants through the federal Small Business Innovation and Research and Small Business Technology Transfer grant programs.
House Bill 4558 would establish the Entrepreneurship and Innovation Investment Fund under the state Development Office. Under this bill, the Development Office could direct money from the fund to support entrepreneurship, for creation of business startups, improvements in workforce participation, and strengthening our state's overall talent pipeline.
The Entrepreneurship and Innovation Investment Fund would receive general appropriations from the Legislature during the annual budget process and could also attract funds from other sources.
“I’m committed to our entrepreneurs and doing everything we can as a state to encourage small business growth,” Delegate Capito said. “Encouraging entrepreneurship and business startups will help us reverse the trend of young people leaving this state and help promote opportunities for all of our citizens.”