1. As used in this section:
a. "Department" means the department of economic development.
b. "Microbusiness" or "microbusiness enterprise" means a business producing services with five or fewer full-time equivalent employee positions and with assistance requirements of not more than twenty-five thousand dollars.
c. "Microenterprise organization" means a nonprofit corporation organized under chapter 504A which is exempt from taxation pursuant to section 501(c) of the Internal Revenue Code and which has a principal mission of actively engaging in microbusiness development, training, technical assistance, and capital access for the start-up or expansion of microbusinesses.
2. The department shall contract with a microenterprise organization actively engaged in microbusiness enterprise to assist in the establishment of this program. In order to qualify for the contract, the microenterprise organization shall do all of the following:
a. Demonstrate a past performance of and a capacity to successfully engage in microbusiness development.
b. Have a statewide commitment to and focus on microbusiness development.
c. Provide training and technical assistance.
d. Demonstrate an ability to provide access to capital for start-up or expansion of a microbusiness.
e. Have established linkages with financial institutions.
f. Demonstrate an ability to provide follow-up technical assistance after a microbusiness start-up or expansion.
3. Moneys allocated pursuant to this section which remain unexpended or unobligated at the end of a fiscal year shall remain available to the department to support the assistance program or may be credited to the value-added agricultural products and processes financial assistance fund created in section 15E.112 and shall not revert notwithstanding section 8.33.
4. The department shall submit a report in accordance with section 7A.11 not later than November 1 of each year detailing the activities of the microenterprise organization and describing the success of the project.
96 Acts, ch 1219, §94; 97 Acts, ch 23, §5
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