Text: HSB00058 Text: HSB00060 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15.108, subsection 7, paragraph i, Code 1 2 2003, is amended by striking the paragraph. 1 3 Sec. 2. Section 15.246, unnumbered paragraph 1, Code 2003, 1 4 is amended to read as follows: 1 5 The department shall establish and administer a case 1 6 management program, contingent upon the availability of funds 1 7 authorized for the program, and conducted in coordination with 1 8the self-employment loan program andother state or federal 1 9 programs providing financial or technical assistance 1 10 administered by the department. The case management program 1 11 shall assist in furnishing information about available 1 12 assistance to clients seeking to establish or expand small 1 13 business ventures, furnishing information about available 1 14 financial or technical assistance, evaluating small business 1 15 venture proposals, completing viable business start-up or 1 16 expansion plans, and completing applications for financial or 1 17 technical assistance under the programs administered by the 1 18 department.As used in this section, "client" means a low-1 19income person eligible for assistance under the self-1 20employment loan program established in section 15.241.1 21 Sec. 3. Section 15.247, subsection 2, Code 2003, is 1 22 amended to read as follows: 1 23 2. A "targeted small business financial assistance program 1 24 account" is established within the strategic investment fund 1 25 created in section 15.313, to provide for loans, loan 1 26 guarantees, revolving loans, loans secured by accounts 1 27 receivable, or grants to targeted small businesses and to low- 1 28 income persons establishing or expanding small business 1 29 ventures. A targeted small business or low-income person in 1 30 any year shall receive under this program not more than 1 31twenty-fivefifty thousand dollars in a loan,orgrant,and1 32not more than forty thousand dollars in aor guarantee, or a 1 33 combination of loans, grants, or guarantees. The program 1 34 shall provide guarantees not to exceed seventy-five percent 1 35 for loans made by qualified lenders. The department shall 2 1 establish a financial assistance reserve account from funds 2 2 allocated to the program account, from which any default on a 2 3 guaranteed loan under this section shall be paid. In 2 4 administering the program the department shall not guarantee 2 5 loan values in excess of the amount credited to the reserve 2 6 account and only moneys set aside in the loan reserve account 2 7 may be used for the payment of a default. The department 2 8 shall maintain records of all financial assistance approved 2 9 pursuant to this section and information regarding the 2 10 effectiveness of the financial assistance in establishing or 2 11 expanding small business ventures. 2 12 Sec. 4. Section 15.313, subsection 1, paragraph b, Code 2 13 2003, is amended to read as follows: 2 14 b. All unencumbered and unobligated funds fromthe self-2 15employment loan program,the targeted small business financial 2 16 assistance program, the microenterprise development revolving 2 17 fund, financing rural economic development or successor loan 2 18 program, and the value-added agricultural products and 2 19 processes financial assistance fund remaining on June 30, 2 20 1992, and all repayments of loans or other awards or 2 21 recaptures of awards made under these programs. 2 22 Sec. 5. Section 15E.120, subsections 5 and 6, Code 2003, 2 23 are amended to read as follows: 2 24 5. Loan repayments received by the Iowa department of 2 25 economic development shall be deposited into a special account 2 26 to be used at its discretion as matching funds to attract 2 27 financial assistance from and to participate in programs with 2 28 national rural development and finance corporationsor as2 29provided in subsection 6. Funds in this special account shall 2 30 not revert to the state general fund at the end of any fiscal 2 31 year. If the programs for which the funds in the special 2 32 account are to be used are terminated or expire, the funds in 2 33 the special account and funds that would be repaid, if any, to 2 34 the special account shall be transferred or repaid to the 2 35 community economic betterment account of the strategic 3 1 investment fund established in section 15.313. 3 26. If the Iowa department of economic development3 3determines that sufficient funds exist in the special account3 4provided in subsection 5 for the purposes provided in3 5subsection 5, up to twenty-five percent of the loan repayments3 6for the fiscal year received by the Iowa department of3 7economic development may be deposited in the revolving loan3 8fund to operate the self-employment loan program as both were3 9established in section 15.241 under the department of economic3 10development. Funds in this revolving loan fund shall not3 11revert to the state general fund at the end of any fiscal3 12year. Loan repayments from the self-employment loan program3 13shall be deposited in the revolving loan fund. Deposits of3 14funds under this subsection may occur for the fiscal years3 15beginning July 1, 1986, July 1, 1987, July 1, 1988, and July3 161, 1989.3 17 Sec. 6. Section 15.241, Code 2003, is repealed. 3 18 EXPLANATION 3 19 This bill relates to economic development programs for 3 20 targeted small businesses. 3 21 The bill amends the targeted small business financial 3 22 assistance program. The bill expands the eligible financial 3 23 assistance recipients to include low-income persons 3 24 establishing or expanding small business ventures. The bill 3 25 increases the amount of financial assistance that can be 3 26 received as a loan, grant, or guarantee under the program to 3 27 $50,000. The bill requires the department of economic 3 28 development to maintain records of all financial assistance 3 29 approved under the targeted small business financial 3 30 assistance program and information regarding the effectiveness 3 31 of the financial assistance in establishing or expanding small 3 32 business ventures. 3 33 The bill abolishes the Iowa self-employment loan program 3 34 and makes conforming amendments. 3 35 LSB 1264DP 80 4 1 tm/cls/14
Text: HSB00058 Text: HSB00060 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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