I. There is hereby established the New Hampshire economic development fund which shall be administered by the commissioner of the department of business and economic affairs. Said fund shall be for the purpose of providing funds for grants, loans and other economic development initiatives which shall be generally considered to be beneficial to the state's overall economy as provided for in paragraph II.
II. Said fund shall be distributed or expended by the commissioner with prior approval of the fiscal committee of general court and the governor and council for any of the following purposes:
(a)Business financing and expansion initiatives.
(b)Workforce recruitment retention and creation.
(d)Research and development activities.
(e)Other projects or programs reco
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I. There is hereby established the New Hampshire economic development fund which shall be administered by the commissioner of the department of business and economic affairs. Said fund shall be for the purpose of providing funds for grants, loans and other economic development initiatives which shall be generally considered to be beneficial to the state's overall economy as provided for in paragraph II.
II. Said fund shall be distributed or expended by the commissioner with prior approval of the fiscal committee of general court and the governor and council for any of the following purposes:
(a) Business financing and expansion initiatives.
(b) Workforce recruitment retention and creation.
(c) International trade.
(d) Research and development activities.
(e) Other projects or programs recognized as being beneficial to business activity in New Hampshire.
III. To maximize the economic impact of expenditures from this fund, and to leverage additional funding from other sources, the commissioner may contract with such organizations as, but not limited to, the following:
(a) Chambers of commerce.
(b) Regional economic development or planning organizations.
(c) Innovation Research Center.
(d) Small Business Development Center.
IV. All moneys appropriated to the fund as well as moneys returned to the department as a result of contracts between the commissioner and any other party as authorized shall be redeposited into the New Hampshire economic development fund. In addition, the department may accept gifts, grants, donations or other moneys for the purposes of this section. Said moneys shall be deposited into the New Hampshire economic development fund.