Nebraska bill describes support for business product development

The department would provide financial assistance for making product prototypes. Eligible applicants would be businesses with no more than 500 employees or individuals, for a product based on research and development at a Nebraska business or college or university. Applicants would need a business plan with a proof-of-concept demonstration. Applicants would need nonstate matching money equal to 25 percent of the request in specified metropolitan redevelopment areas, or 50 percent elsewhere. The department could provide up to $150,000 per project. Recipients would need to spend the assistance within 24 months after the award.

The department would provide financial assistance to help commercialize products or processes. The program would cover Nebraska businesses with no more than 500 employees and individuals who have a product or process prototype. Applicants would need to submit a study estimating potential sales and profits. The request would need to be matched with nonstate money equal to 50 percent of the amount requested. The department could provide up to $500,000 per project. Recipients would need to spend the assistance within 24 months after the award.

The department would prepare a plan for choosing projects that receive assistance. The plan would guide the selection of projects receiving assistance under the Business Innovation Act. The plan would weigh local and state economic needs, possible job and investment growth, private money attracted, industry participation, and repayment of assistance. The department would submit the plan to the Governor for approval. The department would prepare the plan by January 1 of each even-numbered year.

The Legislature states its intent to appropriate $15 million to the department each year for the Business Innovation Act. The stated intent covers the Department of Economic Development and the Business Innovation Act. This states an intention to appropriate money; it does not itself make an appropriation. The stated intent begins with fiscal year 2026–27 and continues in each fiscal year afterward.