This bill amends several sections of the Reissue Revised Statutes of Nebraska to enhance 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 terms such as "economic redevelopment area" and "qualified census tract," which are now explicitly defined to include specific unemployment and poverty criteria. The bill establishes a small business investment program that provides grants to microloan delivery organizations and innovation hubs, ensuring equitable access across geographic areas. Additionally, it reserves a portion of grant funds for organizations operating in economically distressed areas and mandates community engagement and performance-based criteria for service providers.

Furthermore, the bill outlines the creation of a grant program for individuals starting or operating small businesses, with specific eligibility requirements based on income and business longevity. It also emphasizes the need for professional counseling services for small business owners, particularly in economically challenged areas, and allows for competitive contracting with private entities to deliver these services. The department is tasked with reporting on the effectiveness of these programs, including job creation and economic impact, and the act is set to become operative on July 1, 2025, with an emergency clause for immediate effect upon passage.