Text: HF00389                           Text: HF00391
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House File 390

Partial Bill History

Bill Text

PAG LIN
  1  1                                           HOUSE FILE 390 
  1  2 
  1  3                             AN ACT
  1  4 RELATING TO ECONOMIC DEVELOPMENT PROGRAMS FOR TARGETED SMALL
  1  5    BUSINESSES.  
  1  6 
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8 
  1  9    Section 1.  Section 15.108, subsection 7, paragraph i, Code
  1 10 2003, is amended by striking the paragraph.
  1 11    Sec. 2.  Section 15.246, unnumbered paragraph 1, Code 2003,
  1 12 is amended to read as follows:
  1 13    The department shall establish and administer a case
  1 14 management program, contingent upon the availability of funds
  1 15 authorized for the program, and conducted in coordination with
  1 16 the self-employment loan program and other state or federal
  1 17 programs providing financial or technical assistance
  1 18 administered by the department.  The case management program
  1 19 shall assist in furnishing information about available
  1 20 assistance to clients seeking to establish or expand small
  1 21 business ventures, furnishing information about available
  1 22 financial or technical assistance, evaluating small business
  1 23 venture proposals, completing viable business start-up or
  1 24 expansion plans, and completing applications for financial or
  1 25 technical assistance under the programs administered by the
  1 26 department.  As used in this section, "client" means a low-
  1 27 income person eligible for assistance under the self-
  1 28 employment loan program established in section 15.241.
  1 29    Sec. 3.  Section 15.247, subsection 2, Code 2003, is
  1 30 amended to read as follows:
  1 31    2.  A "targeted small business financial assistance program
  1 32 account" is established within the strategic investment fund
  1 33 created in section 15.313, to provide for loans, loan
  1 34 guarantees, revolving loans, loans secured by accounts
  1 35 receivable, or grants to targeted small businesses and to low-
  2  1 income persons establishing or expanding small business
  2  2 ventures.  A targeted small business or low-income person in
  2  3 any year shall receive under this program not more than
  2  4 twenty-five fifty thousand dollars in a loan, or grant, and
  2  5 not more than forty thousand dollars in a or guarantee, or a
  2  6 combination of loans, grants, or guarantees.  The program
  2  7 shall provide guarantees not to exceed seventy-five percent
  2  8 for loans made by qualified lenders.  The department shall
  2  9 establish a financial assistance reserve account from funds
  2 10 allocated to the program account, from which any default on a
  2 11 guaranteed loan under this section shall be paid.  In
  2 12 administering the program the department shall not guarantee
  2 13 loan values in excess of the amount credited to the reserve
  2 14 account and only moneys set aside in the loan reserve account
  2 15 may be used for the payment of a default.  The department
  2 16 shall maintain records of all financial assistance approved
  2 17 pursuant to this section and information regarding the
  2 18 effectiveness of the financial assistance in establishing or
  2 19 expanding small business ventures.
  2 20    Sec. 4.  Section 15.313, subsection 1, paragraph b, Code
  2 21 2003, is amended to read as follows:
  2 22    b.  All unencumbered and unobligated funds from the self-
  2 23 employment loan program, the targeted small business financial
  2 24 assistance program, the microenterprise development revolving
  2 25 fund, financing rural economic development or successor loan
  2 26 program, and the value-added agricultural products and
  2 27 processes financial assistance fund remaining on June 30,
  2 28 1992, and all repayments of loans or other awards or
  2 29 recaptures of awards made under these programs.
  2 30    Sec. 5.  Section 15E.120, subsections 5 and 6, Code 2003,
  2 31 are amended to read as follows:
  2 32    5.  Loan repayments received by the Iowa department of
  2 33 economic development shall be deposited into a special account
  2 34 to be used at its discretion as matching funds to attract
  2 35 financial assistance from and to participate in programs with
  3  1 national rural development and finance corporations or as
  3  2 provided in subsection 6.  Funds in this special account shall
  3  3 not revert to the state general fund at the end of any fiscal
  3  4 year.  If the programs for which the funds in the special
  3  5 account are to be used are terminated or expire, the funds in
  3  6 the special account and funds that would be repaid, if any, to
  3  7 the special account shall be transferred or repaid to the
  3  8 community economic betterment account of the strategic
  3  9 investment fund established in section 15.313.
  3 10    6.  If the Iowa department of economic development
  3 11 determines that sufficient funds exist in the special account
  3 12 provided in subsection 5 for the purposes provided in
  3 13 subsection 5, up to twenty-five percent of the loan repayments
  3 14 for the fiscal year received by the Iowa department of
  3 15 economic development may be deposited in the revolving loan
  3 16 fund to operate the self-employment loan program as both were
  3 17 established in section 15.241 under the department of economic
  3 18 development.  Funds in this revolving loan fund shall not
  3 19 revert to the state general fund at the end of any fiscal
  3 20 year.  Loan repayments from the self-employment loan program
  3 21 shall be deposited in the revolving loan fund.  Deposits of
  3 22 funds under this subsection may occur for the fiscal years
  3 23 beginning July 1, 1986, July 1, 1987, July 1, 1988, and July
  3 24 1, 1989.
  3 25    Sec. 6.  Section 15.241, Code 2003, is repealed.  
  3 26 
  3 27 
  3 28                                                             
  3 29                               CHRISTOPHER C. RANTS
  3 30                               Speaker of the House
  3 31 
  3 32 
  3 33                                                             
  3 34                               MARY E. KRAMER
  3 35                               President of the Senate
  4  1 
  4  2    I hereby certify that this bill originated in the House and
  4  3 is known as House File 390, Eightieth General Assembly.
  4  4 
  4  5 
  4  6                                                             
  4  7                               MARGARET THOMSON
  4  8                               Chief Clerk of the House
  4  9 Approved                , 2003
  4 10 
  4 11 
  4 12                            
  4 13 THOMAS J. VILSACK
  4 14 Governor
     
Text: HF00389                           Text: HF00391
Text: HF00300 - HF00399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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