Text: HF02434 Text: HF02436 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 HOUSE FILE 2435
1 2
1 3 AN ACT
1 4 RELATING TO THE ENTREPRENEURS WITH DISABILITIES PROGRAM.
1 5
1 6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 7
1 8 Section 1. Section 15.241, Code 1997, is amended to read
1 9 as follows:
1 10 15.241 IOWA "SELF-EMPLOYMENT LOAN PROGRAM".
1 11 1. A "self-employment loan program account" is established
1 12 within the strategic investment fund created in section 15.313
1 13 to provide funding for the self-employment loan program which
1 14 is to be conducted in coordination with the job training
1 15 partnership program and other programs administered under
1 16 section 15.108, subsection 6, paragraph "c". The department
1 17 may contract with local community action agencies or other
1 18 local entities in administering the program, and shall work
1 19 with the department of workforce development and the
1 20 department of human services in developing the program. The
1 21 department shall cooperate with the division of vocational
1 22 rehabilitation under the department of education to implement
1 23 a business development initiative for entrepreneurs with
1 24 disabilities.
1 25 The self-employment loan program shall administer a low-
1 26 interest loan program to provide loans to low-income persons
1 27 and persons with disabilities for the purpose of establishing
1 28 or expanding small business ventures. The terms of the loans
1 29 shall be determined by the department, but shall not be in
1 30 excess of ten thousand dollars to any single applicant or at a
1 31 rate to exceed five percent simple interest per annum. The
1 32 department shall maintain records of all loans approved and
1 33 the effectiveness of those loans in establishing or expanding
1 34 small business ventures.
1 35 The department may provide grants of not more than five
2 1 thousand dollars under the program, if the grants are used to
2 2 secure additional financing from private sources. The
2 3 department may provide a service fee to financial institutions
2 4 for administering loans provided under this section.
2 5 Payments of interest, recaptures of awards, and repayments
2 6 of moneys loaned under this program shall be deposited into
2 7 the strategic investment fund. Receipts from loans or grants
2 8 under the business development initiative for entrepreneurs
2 9 with disabilities program may be maintained in a separate
2 10 account within the fund.
2 11 2. a. The department shall implement and administer an
2 12 entrepreneurs with disabilities technical assistance program
2 13 designed to provide only technical assistance to a qualified
2 14 business under this subsection.
2 15 b. A business qualifies for assistance under this program
2 16 if the business is fifty-one percent or more owned, operated,
2 17 and actively managed by one or more persons with a disability
2 18 and is located in this state, operated for profit, and has a
2 19 gross income of less than three million dollars computed as an
2 20 average of the three preceding years. "Disability" means
2 21 disability as defined in section 15.102.
2 22 c. A person shall not be required to be a client of the
2 23 division of vocational rehabilitation services or the
2 24 department for the blind in order to qualify for assistance
2 25 under this program.
2 26 d. The department shall adopt rules as necessary for the
2 27 administration of the program.
2 28
2 29
2 30
2 31 RON J. CORBETT
2 32 Speaker of the House
2 33
2 34
2 35
3 1 MARY E. KRAMER
3 2 President of the Senate
3 3
3 4 I hereby certify that this bill originated in the House and
3 5 is known as House File 2435, Seventy-seventh General Assembly.
3 6
3 7
3 8
3 9 ELIZABETH ISAACSON
3 10 Chief Clerk of the House
3 11 Approved , 1998
3 12
3 13
3 14
3 15 TERRY E. BRANSTAD
3 16 Governor
Text: HF02434 Text: HF02436 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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