Text: HSB00528                          Text: HSB00530
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 529

Bill Text

PAG LIN
  1  1    Section 1.  Section 15.312, Code 2001, is amended to read
  1  2 as follows:
  1  3    15.312  PURPOSE.
  1  4    The purpose of this part shall be to provide a mechanism
  1  5 for the funding those of programs listed in section 15.313,
  1  6 subsection 2, in order to more efficiently meet the needs
  1  7 identified within those individual programs which meet the
  1  8 descriptions provided in section 15.313, subsection 2.
  1  9    Sec. 2.  Section 15.313, subsections 2, 3, and 4, Code
  1 10 2001, are amended to read as follows:
  1 11    2.  The assets of the fund shall be used by the department
  1 12 for the following programs and purposes to assist in
  1 13 relocation or expansion projects for existing businesses as
  1 14 well as entrepreneurial start-up and expansion projects.
  1 15 Moneys in the fund shall be used for projects designed to meet
  1 16 any of the following purposes:
  1 17    a.  The community economic betterment program created in
  1 18 sections 15.315 through 15.320 To assist communities in the
  1 19 state by providing financial assistance for small business gap
  1 20 financing, new business opportunities, and new product and
  1 21 entrepreneurial development.
  1 22    b.  The business development finance corporation created in
  1 23 sections 15E.131 through 15E.149 To provide financial and
  1 24 technical assistance to early-stage industry companies and
  1 25 entrepreneurs.
  1 26    c.  The self-employment loan program created in section
  1 27 15.241 To provide financial and technical assistance to
  1 28 targeted small businesses as defined in section 15.102.
  1 29    d.  The targeted small business financial assistance
  1 30 program created in section 15.247.
  1 31    e. d.  To provide comprehensive management assistance for
  1 32 applicants or recipients of assistance from programs supported
  1 33 by the fund.
  1 34    f. e.  If To access federal funds are available under a any
  1 35 federal microloan demonstration program, a portion of the
  2  1 moneys in the strategic investment fund may be utilized to
  2  2 access those federal funds to expand the state's small
  2  3 business financial assistance programs including the self-
  2  4 employment loan program and the targeted small business
  2  5 financial assistance program.
  2  6    g. f.  The entrepreneurs with disabilities program, which
  2  7 provides technical and financial assistance to help persons
  2  8 with disabilities become self-sufficient and create additional
  2  9 employment opportunities by establishing or expanding small
  2 10 business ventures To provide technical and financial
  2 11 assistance to help persons with disabilities become self-
  2 12 sufficient by establishing or expanding business ventures.
  2 13    h.  The job opportunities for persons with disabilities
  2 14 program, which provides service and technical assistance to
  2 15 rehabilitation organizations or agencies that create, expand,
  2 16 or spin off business ventures for persons with disabilities.
  2 17    i.  The value-added agricultural products and processes
  2 18 financial assistance fund created in section 15E.112.
  2 19    3.  The assets of the fund may be used for purposes of
  2 20 administering and operating the entrepreneurial ventures
  2 21 assistance program established in section 15.339.
  2 22    g.  To assist businesses in retooling or upgrading
  2 23 production equipment to meet contemporary technology
  2 24 standards.
  2 25    4. 3.  The director shall submit annually at a regular or
  2 26 special meeting preceding the beginning of the fiscal year,
  2 27 for approval by the economic development board, the proposed
  2 28 allocation of funds from the strategic investment fund to be
  2 29 made for that fiscal year to the community economic betterment
  2 30 program, the business development finance corporation, the
  2 31 self-employment loan program, and the targeted small business
  2 32 financial assistance program and for comprehensive management
  2 33 assistance.  If funds are available under a federal microloan
  2 34 demonstration program, the director may recommend an
  2 35 allocation for that purpose.  The plans may provide for
  3  1 increased or decreased allocations if the demand in a program
  3  2 indicates that the need exceeds the allocation for that
  3  3 program.  At the beginning of each fiscal year, the board
  3  4 shall establish goals for the strategic investment fund
  3  5 relating to the intended strategic focus for the fiscal year.
  3  6 The director shall report on a monthly basis to the board on
  3  7 the status of the funds and may present proposed revisions for
  3  8 approval by the board in January and April of each year fund.
  3  9 Unobligated and unencumbered moneys remaining in the strategic
  3 10 investment fund or any of its accounts on June 30 of each year
  3 11 shall be considered part of the fund for purposes of the next
  3 12 year's allocation.  
  3 13                              EXPLANATION
  3 14    This bill amends the purposes for which moneys in the
  3 15 strategic investment fund may be used by the department of
  3 16 economic development.
  3 17    Currently, the Code lists a number of specific programs for
  3 18 which moneys in the strategic investment fund may be used.
  3 19 The bill provides that moneys in the fund shall be used to
  3 20 assist in relocation or expansion projects for existing
  3 21 businesses as well as entrepreneurial start-up and expansion
  3 22 projects.  The bill provides that moneys in the fund shall be
  3 23 used for projects designed to meet any of the following
  3 24 purposes:
  3 25    1.  To assist communities in the state by providing
  3 26 financial assistance for small business gap financing, new
  3 27 business opportunities, and new product and entrepreneurial
  3 28 development.
  3 29    2.  To provide financial and technical assistance to early-
  3 30 stage industry companies and entrepreneurs.
  3 31    3.  To provide financial and technical assistance to
  3 32 targeted small businesses as defined in Code section 15.102.
  3 33    4.  To provide comprehensive management assistance for
  3 34 applicants or recipients of assistance from the fund.
  3 35    5.  To access federal funds available under any federal
  4  1 microloan demonstration program.
  4  2    6.  To provide technical and financial assistance to help
  4  3 persons with disabilities become self-sufficient by
  4  4 establishing or expanding business ventures.
  4  5    7.  To assist businesses in retooling or upgrading
  4  6 production equipment to meet contemporary technology
  4  7 standards.
  4  8    The bill eliminates a requirement that the director of the
  4  9 department of economic development annually submit a proposed
  4 10 allocation of funds from the strategic investment fund.  The
  4 11 bill provides that, at the beginning of each fiscal year, the
  4 12 board shall establish goals for the strategic investment fund
  4 13 relating to the intended strategic focus for the fiscal year.  
  4 14 LSB 5343DP 79
  4 15 tm/sh/8.1
  4 16

Text: HSB00528                          Text: HSB00530
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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