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House Journal: Page 892: Thursday, March 27, 1997

44   investments program to increase the availability of
45   lower cost funds to inject needed capital into small
46   businesses owned and operated by women or minorities,
47   which is the public policy of the state.  The rules
48   shall be in accordance with the following:
49     1.  "Targeted small business" means a business as
50   defined in section 15.102, subsection 5.

Page 4

 1     2.  A linked investment shall only be approved in
 2   connection with a loan application for a targeted
 3   small business which has been certified pursuant to
 4   section 10A.104, subsection 8.
 5     1.  As used in this section:
 6     a.  "Focused small business" means a new small
 7   business which is one hundred percent owned, operated,
 8   and actively managed by one or more women, minority
 9   persons, or persons with a disability, provided the
10   business meets all the requirements of subsection 5.
11     b.  "Disability" is defined as provided in section
12   15.102, subsection 5.
13     c.  "Major life activity" is defined as provided in
14   section 15.102, subsection 5.
15     d.  "Minority person" is defined as provided in
16   section 15.102, subsection 5.
17     3. 2.  Loan applications for a targeted
focused~ `
18   small business shall be for the purchase of land,
19   machinery, equipment, or licenses, or patent,
20   trademark, or copyright fees and expenses.
21     4. 3.  The During the lifetime of this
loan
22   program, the maximum size of a targeted small
business
23   loan is two amount of assistance that an eligible
24   borrower or business may borrow or receive through
25   this loan program shall be one hundred fifty
thousand
26   dollars per borrower.  An eligible borrower or
27   business under this program shall be limited to one
28   loan from one financial institution.
29     5. 4.  A preference shall be given to those
persons
30   who are less able than other persons to secure funds
31   for a targeted focused small business without
32   participation in the targeted focused small business
33   linked investment program.
34     5.  In order to qualify under this program, all
35   owners of the business or borrowers must not have a
36   combined net worth exceeding five hundred thousand
37   dollars as defined in rules adopted by the treasurer
38   of state pursuant to chapter 17A and the focused small
39   business must meet all of the following criteria:
40     a.  Be a for-profit business under a single
41   management.
42     b.  Have annual sales of two million dollars or
43   less.

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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