1. The department shall establish a program to effectuate the purposes of this part by providing financial assistance for small business gap financing, new business opportunities, and new product and entrepreneurial development. These purposes may be accomplished by providing the following types of assistance:
a. A principal buy-down program to reduce the principal of a business loan.
b. An interest buy-down program to reduce the interest of a business loan.
c. Loans or forgivable loans to aid in economic development.
d. Loan guarantees for business loans made by commercial lenders.
e. Equity-like investments.
2. Only a political subdivision of this state may apply to receive funds for any of the purposes specified in subsection 1. The political subdivision shall make application to the department specifying the purpose for which the funds will be used.
3. The department shall not provide more than one million dollars for any project, unless approved by at least two- thirds of the members of the economic development board.
4. Assistance approved by the board shall be utilized by the business within two years of the date of the approval of the assistance. Funds not utilized in accordance with this subsection shall revert to the control of the board. The business may reapply for assistance in that case.
92 Acts, ch 1244, § 21; 95 Acts, ch 204, § 15
Referred to in § 15.313
Previous Section 15.316
Next Section 15.318
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Mar 18 15:00:31 CST 1999
URL: /DOCS/IACODE/1999/15/317.html
jhf