1. A corporation has all powers otherwise granted it by law and by its articles of incorporation and bylaws.
2. A corporation may develop a loan guarantee program, subject to approval by the board, if:
a. State matching funds are requested to guarantee loans made by private lending institutions to small businesses in order to establish, maintain, or expand their operations.
b. The loan guarantee program conforms to rules adopted by the board and, in the opinion of the board, promotes the purposes of this part.
3. A corporation shall have the following duties and responsibilities:
a. The management and administration of moneys allocated to it from the fund.
b. Monitoring the operations of businesses started or expanded through state funding made available under this part.
c. The active cooperation with the board to seek procurement of moneys available through federal funding allocations for small business assistance programs.
d. Ensuring that all loans guaranteed by a corporation under this part are disbursed and collected without discrimination and in accordance with section 216.10, subsection 2. Particular attention shall be given to targeted small businesses.
e. Each corporation shall meet at least once a month and as often as necessary.
f. Establishing joint ventures with area regional coordinating councils when practical and whenever feasible.
g. Coordinate its activities with the small business development centers, institutions under the control of the boards of regents, private colleges and universities and other public entities that are interested in economic development.
87 Acts, ch 106, § 6
Referred to in § 15.108
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