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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