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House Journal: Page 1554: Thursday, April 13, 1995

23   thousand dollars.
24     Sec. ___.  Section 12.43, Code 1995, is amended to
25   read as follows:
26     12.43  TARGETED SMALL BUSINESS LINKED INVESTMENTS
27   LOAN PROGRAM CREATED -- DEFINITIONS.
28     The treasurer of state shall adopt rules to
29   implement a targeted small business linked investments
30   investment loan program to increase the availability
31   of lower cost funds to inject needed capital into
32   small businesses owned and operated by women or
33   minorities, which is the public policy of the state.
34   The rules shall be in accordance with the following:
35     1.  "Targeted small business" means a business as
36   defined in section 15.102, subsection 5.
37     2.  A linked investment shall only be approved in
38   connection with a loan application for a In order to
39   qualify as an eligible borrower, the targeted small
40   business which has been must be certified pursuant
to
41   section 10A.104, subsection 8.
42     3.  In order to qualify as an eligible borrower,
43   the net worth of the targeted small business shall not
44   exceed four hundred thousand dollars.
45     3. 4.  Loan applications for a targeted small
46   business shall be for business expenses, including,
47   but not limited to, the purchase of land, machinery,
48   equipment, or licenses, or patent, trademark, or
49   copyright fees and expenses.
50     5.  Loan proceeds shall not be used to refinance

Page 7

 1   existing debt, including credit card debt.  However,
 2   proceeds may be used to refinance a short-term bridge
 3   loan made in anticipation of the treasurer's approval
 4   of the linked investment loan package.
 5     4. 6.  The maximum size of a targeted small
 6   business loan is two hundred fifty thousand dollars
 7   per borrower."
 8     2.  Page 1, by inserting after line 25 the
 9   following:
10     "Sec. ___.  Sections 12.33, 12.51, and 12.52, Code
11   1995, are repealed."
12     3.  Title page, line 1, by inserting after the
13   word "to" the following:  "the linked investments for
14   tomorrow Act, including who may be an eligible
15   borrower, limitation on the amount which may be
16   invested by the treasurer of state, program criteria
17   under the Act and".
18     4.  By renumbering as necessary.
Metcalf of Polk offered the following amendment H-3900, to
amendment H-3891, filed by her and moved its adoption:
H-3900
 1     Amend the amendment, H-3891, to Senate File 60, as
 2   passed by the Senate, as follows:

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

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