Text: HSB00032 Text: HSB00034 Text: HSB00000 - HSB00099 Text: HSB 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 and may be cited as the
1 3 "Entrepreneurial Ventures Assistance Program".
1 4 Sec. 2. NEW SECTION. 15.339 ENTREPRENEURIAL VENTURES
1 5 ASSISTANCE.
1 6 1. As used in this section, unless the context otherwise
1 7 requires, "early-stage industry company" means a company with
1 8 three years or less of experience in a particular industry.
1 9 2. The department shall establish a program to provide
1 10 financial and technical assistance to early-stage industry
1 11 companies and entrepreneurs. The purpose of the program is to
1 12 encourage the development of entrepreneurial venture planning
1 13 and managerial skills in conjunction with the delivery of a
1 14 financial assistance program for business start-ups and
1 15 expansions. An applicant eligible for the program includes an
1 16 individual who is participating in or has successfully
1 17 completed a recognized entrepreneurial venture development
1 18 curriculum, or a business whose principal participants have
1 19 successfully completed a recognized entrepreneurial venture
1 20 development curriculum.
1 21 3. Each application for financial assistance submitted to
1 22 the department must include a business plan, a marketing plan,
1 23 a budget, and a statement of purpose stating how the financial
1 24 assistance will be used.
1 25 4. Unless otherwise authorized by the director, the
1 26 department shall not provide more than five thousand dollars
1 27 of technical assistance per project, and shall not provide
1 28 more than a total of twenty thousand dollars in financial
1 29 assistance per project.
1 30 5. In addition to funds appropriated for the program, the
1 31 department may allocate resources from the Iowa strategic
1 32 investment fund under section 15.313 for the administration
1 33 and operation of the program.
1 34 6. The department shall adopt administrative rules
1 35 pursuant to chapter 17A to administer this section.
2 1 EXPLANATION
2 2 This bill requires the department of economic development
2 3 to establish an entrepreneurial ventures assistance program
2 4 which will provide financial and technical assistance to
2 5 early-stage industry companies and entrepreneurs. An eligible
2 6 applicant is an individual who is participating in or has
2 7 successfully completed a recognized entrepreneurial venture
2 8 development curriculum, or a business whose principal
2 9 participants have successfully completed a recognized
2 10 entrepreneurial venture development curriculum. Applications
2 11 for assistance must include a business plan, a marketing plan,
2 12 a budget, and a statement of purpose. Technical assistance
2 13 shall not exceed $5,000 per project. In addition to the
2 14 technical assistance, financial assistance shall not exceed
2 15 $20,000 per project. In addition to appropriated funds, the
2 16 department may allocate resources from the Iowa strategic
2 17 investment fund for the administration and operation of the
2 18 program. Administrative rules shall be adopted to administer
2 19 the program.
2 20 LSB 1325DP 77
2 21 tm/jw/5.1
Text: HSB00032 Text: HSB00034 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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