House Journal: Page 2232: Tuesday, June 3, 2003
Page 21
1 sector is to create an atmosphere conducive to
2 economic growth, in conjunction with financial
3 institutions in the private sector, which fill the
4 gaps in credit availability and export finance, and
5 that allow the private sector to identify the lending
6 opportunities and foster decision making at the local
7 level.
8 2. The general assembly declares the purposes of
9 this division to be all of the following:
10 a. To create incentives and assistance to increase
11 the flow of private capital to targeted industry
12 businesses and other qualified businesses.
13 b. To promote industrial modernization and
14 technology adoption.
15 c. To encourage the retention and creation of
16 jobs.
17 d. To encourage the export of goods and services
18 sold by Iowa businesses in national and international
19 markets.
20 Sec. . NEW SECTION. 15E.223 DEFINITIONS.
21 As used in this division, unless the context
22 otherwise requires:
23 1. "Financial institution" means an institution
24 listed in section 422.61, subsection 1, or such other
25 financial institution as defined by the department for
26 purposes of this division.
27 2. "Program" means the loan and credit guarantee
28 program established in this division.
29 3. "Qualified business" means an existing or
30 proposed business entity with an annual average number
31 of employees not exceeding two hundred employees.
32 "Qualified business" does not include businesses
33 engaged primarily in retail sales, real estate, or the
34 provision of health care or other professional
35 services. "Qualified business" includes professional
36 services businesses that provide services to targeted
37 industry businesses or other entities.
38 4. "Targeted industry business" means an existing
39 or proposed business entity, including an emerging
40 small business or qualified business which is operated
41 for profit and which has a primary business purpose of
42 doing business in at least one of the targeted
43 industries designated by the department which include
44 life sciences, software and information technology,
45 advanced manufacturing, value-added agriculture, and
46 any other industry designated as a targeted industry
47 by the loan and credit guarantee advisory board.
48 Sec. . NEW SECTION. 15E.224 LOAN AND CREDIT
49 GUARANTEE PROGRAM.
50 1. The department shall, with the advice of the
© 2003 Cornell College and
League of Women Voters of Iowa
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