House Bill No. 5467 establishes an Office of Small Business Affairs within the Department of Economic and Community Development (DECD) to support small businesses, particularly those owned by minorities and economically disadvantaged individuals. The bill repeals the existing Section 32-9n and replaces it with new provisions that outline the office's responsibilities, which include administering regional small business development centers, coordinating assistance programs, and providing a single point of contact for small businesses seeking financial and technical help. The definition of "minority" is also clarified to include various racial and ethnic groups, as well as women and American Indians.

Additionally, the bill mandates that the DECD Commissioner designate an existing employee to provide "concierge services" to small businesses, which encompasses offering information and assistance related to DECD's economic and community development initiatives. This new requirement is expected to incur costs for the department, as it may necessitate refilling the position of the employee assigned to these concierge services. The bill is set to take effect on October 1, 2026.

Statutes affected:
Raised Bill: 32-9n
CE Joint Favorable Substitute: 32-9n
File No. 332: 32-9n
File No. 723: 32-9n