Text: HF00563 Text: HF00565 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 15.321 AGRICULTURAL-RELATED 1 2 FINANCIAL ASSISTANCE TO MINORITY PERSONS. 1 3 1. From the moneys in the community economic betterment 1 4 program account, five hundred thousand dollars is appropriated 1 5 and shall be allocated each year for purposes of providing 1 6 financial assistance to minority persons who are farmers and 1 7 minority persons with an ownership interest in an 1 8 agricultural-related business. The department shall award 1 9 financial assistance under this section in the form of grants 1 10 or zero interest loans. 1 11 2. Any financial assistance awarded under this section 1 12 shall not exceed the amount an applicant has personally 1 13 invested in the project for which the applicant is seeking 1 14 financial assistance under this section. 1 15 3. A person is eligible to apply to the department for 1 16 financial assistance under this section if all of the 1 17 following criteria are met: 1 18 a. The applicant is a minority person as defined in 1 19 section 15.102. 1 20 b. The applicant is a farmer or possesses an ownership 1 21 interest in an agricultural-related business located in this 1 22 state. 1 23 4. An application filed with the department shall include 1 24 all of the following: 1 25 a. Information relating to the applicant's investment 1 26 amount in the project for which the applicant is seeking 1 27 financial assistance under this section. 1 28 b. Information relating to the criteria described in 1 29 subsection 3. 1 30 c. Information demonstrating prior business experience 1 31 with a project similar to the project for which the applicant 1 32 is seeking financial assistance or successful completion of a 1 33 recognized entrepreneurial venture development curriculum. 1 34 d. Any other information deemed necessary by the 1 35 department. 2 1 5. The department shall approve, deny, or defer each 2 2 application submitted to the department. 2 3 6. Payments of interest, repayments of moneys loaned under 2 4 this section, or recaptures of awards shall be deposited into 2 5 the strategic investment fund. 2 6 7. The department shall adopt rules pursuant to chapter 2 7 17A to administer this section. 2 8 EXPLANATION 2 9 This bill annually appropriates and allocates $500,000 out 2 10 of the community economic betterment program account of the 2 11 strategic investment fund to be used for purposes of providing 2 12 financial assistance to minority farmers and minority persons 2 13 with an ownership interest in an agricultural-related 2 14 business. 2 15 The bill provides that the department of economic 2 16 development shall not award financial assistance exceeding the 2 17 amount an applicant has personally invested in the project for 2 18 which the applicant is seeking financial assistance. 2 19 The bill provides that an application for financial 2 20 assistance shall include information regarding eligibility 2 21 criteria, information demonstrating that the applicant has 2 22 prior business experience with a project similar to the 2 23 project for which the applicant is seeking financial 2 24 assistance or successful completion of a recognized 2 25 entrepreneurial venture development curriculum, and any 2 26 additional information deemed necessary by the department. 2 27 The bill provides that the department shall approve, deny, 2 28 or defer each application submitted to the department. The 2 29 bill provides that payments of interest, repayments of moneys 2 30 loaned, or recaptures of awards shall be deposited into the 2 31 strategic investment fund. 2 32 LSB 2847HH 78 2 33 tm/jw/5
Text: HF00563 Text: HF00565 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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