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January 19, 2000     (512) 463-0300

Senate Interim Subcommittee on Private Sector Business Financing Holds Austin Hearing on Wednesday

AUSTIN - The Senate Committee on Economic Development's Subcommittee on Private Sector Business Financing held a hearing today, January 19, 2000, at the Texas State Capitol.

The subcommittee met late this morning, upon adjournment of the Consumer Credit Laws Subcommittee, to discuss and hear invited testimony on trends relating to the availability of private sector business financing in an effort to find ways to promote entrepreneurship, job creation, and economic development in Texas.

The subcommittee consists of Senators John Carona of Dallas, serving as chair, David Sibley of Waco, and Troy Fraser of Horseshoe Bay.

The hearing began with testimony provided by Craig Pinkley, Director of Finance for the Texas Department of Economic Development. He spoke on the future of economic development in Texas and how the Department of Economic Development acts as a clearinghouse for Texas businesses.

Next to testify was David Pinkus, President for Small Business United of Texas. Pinkus discussed the accolades of the Capital Access Program, and the positive aftereffects small businesses experience from the recent revision of the consumer credit code.

Invited testimony concluded with Tom Adamek of Stonehinge Capital and Dan Donohoe with Bank One in Dallas. They testified on the Capco Program in Texas. The Capco program enables small businesses to get financing through state regulated, yet privately owned and operated, venture capital companies.

No public testimony was given today.

The Economic Development Interim Subcommittee on Private Sector Business Financing recessed subject to call of the chair.

Upon final adjournment of the Interim Subcommittee on Private Sector Business Financing, it will submit copies of a report to the Economic Development Committee, as soon as possible. The Economic Development Committee will then submit its own report to the Lieutenant Governor, Secretary of the Senate, Legislative Council and Legislative Reference Library, no later than September 1, 2000. This date has been chosen so that the work of the committee can be considered when the Legislative Budget Board is developing performance and budget recommendations to the 77th Legislature, which will convene on January 9, 2001.

Click here to view the hearing in RealVideo format.

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