Change provisions of the Business Innovation Act and the Small Business Assistance Act

Nebraska's LB 47 amends the Business Innovation Act and Small Business Assistance Act to establish a new small business investment program targeting microenterprises (businesses with 10 or fewer full-time employees). The bill requires the Department of Economic Development to award grants to local organizations that provide microloans, business counseling, and technical assistance, with a focus on equitable access across all geographic areas - including rural and economically struggling communities. Key provisions mandate that grantees must use funds to create job opportunities, support low-income households, and coordinate with commercial lenders, while requiring 35% nonstate matching funds for most grants. The program aims to strengthen Nebraska's small business infrastructure through state-funded support for community-based development organizations.