Text: HF02228 Text: HF02230 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15.241, Code 1997, is amended to read 1 2 as follows: 1 3 15.241 IOWA "SELF-EMPLOYMENT LOAN PROGRAM". 1 4 1. A "self-employment loan program account" is established 1 5 within the strategic investment fund created in section 15.313 1 6 to provide funding for the self-employment loan program which 1 7 is to be conducted in coordination with the job training 1 8 partnership program and other programs administered under 1 9 section 15.108, subsection 6, paragraph "c". The department 1 10 may contract with local community action agencies or other 1 11 local entities in administering the program, and shall work 1 12 with the department of workforce development and the 1 13 department of human services in developing the program.The1 14department shall cooperate with the division of vocational1 15rehabilitation under the department of education to implement1 16a business development initiative for entrepreneurs with1 17disabilities.1 18 The self-employment loan program shall administer a low- 1 19 interest loan program to provide loans to low-income persons 1 20 and persons with disabilities for the purpose of establishing 1 21 or expanding small business ventures. The terms of the loans 1 22 shall be determined by the department, but shall not be in 1 23 excess of ten thousand dollars to any single applicant or at a 1 24 rate to exceed five percent simple interest per annum. The 1 25 department shall maintain records of all loans approved and 1 26 the effectiveness of those loans in establishing or expanding 1 27 small business ventures. 1 28 The department may provide grants of not more than five 1 29 thousand dollars under the program, if the grants are used to 1 30 secure additional financing from private sources. The 1 31 department may provide a service fee to financial institutions 1 32 for administering loans provided under this section. 1 33 Payments of interest, recaptures of awards, and repayments 1 34 of moneys loaned under this program shall be deposited into 1 35 the strategic investment fund. Receipts from loans or grants 2 1 under thebusiness development initiative forentrepreneurs 2 2 with disabilities program may be maintained in a separate 2 3 account within the fund. 2 4 2. a. The department shall cooperate with the department 2 5 of education, division of vocational rehabilitation, and the 2 6 department for the blind to implement an entrepreneurs with 2 7 disabilities program designed to provide technical assistance 2 8 to a qualified business under this subsection. 2 9 b. A business qualifies for assistance under this program 2 10 if the business is fifty-one percent or more owned, operated, 2 11 and actively managed by one or more persons with a disability 2 12 and is located in this state, operated for profit, and has a 2 13 gross income of less than three million dollars computed as an 2 14 average of the three preceding years. "Disability" means 2 15 disability as defined in section 15.102. 2 16 c. A person shall not be required to be a client of the 2 17 division of vocational rehabilitation services or the 2 18 department for the blind in order to qualify for assistance 2 19 under this program. 2 20 d. The department shall adopt rules as necessary for the 2 21 administration of the program. 2 22 EXPLANATION 2 23 This bill provides for the implementation of an 2 24 entrepreneurs with disabilities program designed to provide 2 25 technical assistance to qualified businesses. The department 2 26 of economic development is required to cooperate with the 2 27 department of education, division of vocational 2 28 rehabilitation, and with the department for the blind in 2 29 implementing this program. 2 30 A business qualifying for assistance is a business which is 2 31 51 percent owned, operated, and actively managed by one or 2 32 more persons with a disability and is located in the state, 2 33 operated for profit, and has a gross income of less than $3 2 34 million. A qualified business does not need to be a client of 2 35 the division of vocational rehabilitation services or the 3 1 department for the blind. 3 2 The department of economic development shall adopt rules 3 3 for the administration of the program. 3 4 LSB 3760HH 77 3 5 tm/cf/24
Text: HF02228 Text: HF02230 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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