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 to financial assistance across the state. Additionally, it mandates that a portion of grant funds be reserved for organizations operating in economically distressed areas, and it outlines criteria for awarding these grants.

Furthermore, the bill introduces a requirement for the Department of Economic Development to contract with private entities to provide professional counseling services to individuals starting or operating small businesses in designated areas. The counseling services will cover various business management topics, and contracts will be awarded competitively to ensure effective service delivery. The bill also requires the department to submit periodic reports detailing the demand for grants and counseling services, the impact of these programs, and the performance of contracted entities. The act is set to become operative on July 1, 2025, and includes provisions for an emergency declaration to expedite its implementation.