The board shall:
1. Manage and administer through the office of the treasurer of state, state moneys appropriated to the fund.
2. Determine how the fund shall be allocated to the corporations. The board shall not allocate state moneys to a corporation in an amount that exceeds fifty percent of the amount committed to be contributed or invested in a corporation's account on call for the purposes of guaranteeing small business loans under this part.
3. Facilitate the establishment of at least one corporation in each region of the state by contacting and enlisting the participation of potential contributors, investors, and economic development entities.
4. Actively cooperate with the corporation to seek procurement of moneys available through federal funding allocated for small business assistance programs.
5. Review, at regular and frequent intervals, all loans guaranteed by state moneys under this part in order to ensure the compliance of all parties with this part.
6. Supervise the monitoring of corporations which review the operations of businesses started or expanded through state funding made available under this part.
7. a. Ensure that all operations of the board and corporations authorized under this part comply with the affirmative action requirements of chapter 19B.
b. Ensure that all loans guaranteed under this part are disbursed and collected without discrimination and in accordance with section 216.10, subsection 2.
c. Ensure that the loans guaranteed under this part are disbursed and utilized in accordance with the targeted small business procurement goals of sections 73.15 through 73.21.
8. Adopt rules in accordance with chapter 17A as necessary or desirable for the supervision and the direction of the corporations for the uniform implementation of this part. These rules shall include the following:
a. Criteria for the making of loans which may be guaranteed by development corporations.
b. Requirements for the articles of incorporation and bylaws of the corporations.
c. Maximum amounts of loans and guarantees.
d. Maximum time for repayment schedules.
e. Conflict of interest prohibitions.
f. The provision for adequate reserves for loan guarantees.
g. The segregation of an accounting for moneys used for loan guarantees to the extent the moneys include state matching funds.
9. Meet at least once a month and as often as necessary.
10. Refrain from allocating any funds until at least one- third of the regions have established private sector small business economic development corporations.
87 Acts, ch 106, §5; 90 Acts, ch 1140, § 2; 90 Acts, ch 1156, § 5
Referred to in § 15.108
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© 2001 Cornell College and League of Women Voters of Iowa
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