This bill amends several sections of the Reissue Revised Statutes of Nebraska to enhance the state's economic development initiatives, particularly focusing on small business support through the Business Innovation Act and the Small Business Assistance Act. Key changes include the definition of new terms such as "qualified census tract" and the establishment of a small business investment program that provides grants to microloan delivery organizations and innovation hubs. The bill also introduces specific eligibility criteria for these organizations, emphasizing the importance of serving economically distressed areas and ensuring equitable access to resources across the state.

Additionally, the bill outlines the creation of a grant program for individuals looking to start or grow small businesses, with specific financial thresholds and requirements for eligibility. It mandates the Department of Economic Development to contract with private entities to provide professional counseling services to small business owners, particularly in economically disadvantaged areas. The bill also requires regular reporting on the effectiveness of these programs, including metrics on job creation and economic impact, and establishes a July 1, 2025 operative date for the new provisions.