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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