Text: HF00377 Text: HF00379 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 15.338 SHORT TITLE. 1 2 This part shall be known as the "Microenterprise 1 3 Development Act". 1 4 Sec. 2. NEW SECTION. 15.339 POLICY AND ESTABLISHMENT OF 1 5 PROGRAM. 1 6 It shall be the policy of the state to foster and encourage 1 7 the upward social and economic mobility of disadvantaged 1 8 individuals as part of the state's overall economic 1 9 development strategy. It shall also be the policy of the 1 10 state to encourage public and private cooperation between 1 11 social services and economic development initiatives which 1 12 empower individuals to be self-sufficient and provide economic 1 13 and social stability to local communities. Therefore, a 1 14 statewide microenterprise development program is established 1 15 to encourage and assist in the creation, development, and 1 16 financing of microbusinesses. 1 17 Sec. 3. NEW SECTION. 15.340 DEFINITIONS. 1 18 1. "Microbusiness or microbusiness enterprise" means a 1 19 business producing goods or providing services with ten or 1 20 fewer full-time equivalent employee positions including the 1 21 employer and with asset requirements of up to twenty-five 1 22 thousand dollars. 1 23 2. "Microenterprise organization" means a nonprofit 1 24 corporation organized under chapter 504A and which is exempt 1 25 from taxation pursuant to section 501(c), of the Internal 1 26 Revenue Code, the principal mission of which is to be actively 1 27 engaged in microbusiness development, training, technical 1 28 assistance, and providing access to capital for the start-up 1 29 or expansion of microbusinesses. 1 30 Sec. 4. NEW SECTION. 15.341 ELIGIBILITY CRITERIA. 1 31 1. A microenterprise organization may apply to the 1 32 department for grants to fund a microenterprise development 1 33 program. The department shall develop criteria for awarding 1 34 grants including at least the following: 1 35 a. Past performance of the organization and demonstrated 2 1 capacity to successfully engage in microbusiness development 2 2 projects. 2 3 b. Demonstrated or potential ability to obtain grant funds 2 4 locally for microbusiness projects. 2 5 c. The organization's strategy for microbusiness 2 6 development in its community or service region. 2 7 d. A reasonable limitation on the amount of grant funds 2 8 which may be spent on administrative expenses by the 2 9 organization. 2 10 e. Providing training and technical assistance. 2 11 f. Demonstrated ability to provide follow-up technical 2 12 assistance after business startup or expansion. 2 13 g. Demonstrated ability to provide access to capital for 2 14 start-up or expansion of microbusinesses. 2 15 h. A statewide commitment to and focus on microbusiness 2 16 development. 2 17 2. The department shall also develop reporting 2 18 requirements for the microenterprise organization. 2 19 EXPLANATION 2 20 This bill establishes an Iowa microenterprise development 2 21 Act. The program created by the Act is intended to assist 2 22 individuals in starting or expanding microbusinesses and is to 2 23 be administered by the department of economic development. 2 24 The bill defines microbusiness or microbusiness enterprise 2 25 as a business producing goods or providing services employing 2 26 up to 10 full-time equivalent employee positions and having 2 27 capital requirements of $25,000 or less. The bill also 2 28 provides criteria for determining whether a microenterprise 2 29 organization is eligible for funds under the program. 2 30 LSB 2443HH 76 2 31 mk/cf/24.1
Text: HF00377 Text: HF00379 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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