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12.43 Targeted small business linked investments program created---definitions.

The treasurer of state shall adopt rules to implement a targeted small business linked investments program to increase the availability of lower cost funds to inject needed capital into small businesses owned and operated by women or minorities, which is the public policy of the state. The rules shall be in accordance with the following:

1. "Targeted small business" means a business as defined in section 15.102, subsection 5.

2. A linked investment shall only be approved in connection with a loan application for a targeted small business which has been certified pursuant to section 10A.104, subsection 8.

3. Loan applications for a targeted small business shall be for the purchase of land, machinery, equipment, or licenses, or patent, trademark, or copyright fees and expenses.

4. The maximum size of a targeted small business loan is two hundred fifty thousand dollars per borrower.

5. A preference shall be given to those persons who are less able than other persons to secure funds for a targeted small business without participation in the targeted small business linked investment program.

Section History: Recent form

87 Acts, ch 233, § 128; 88 Acts, ch 1273, § 4; 89 Acts, ch 234, § 9; 94 Acts, ch 1201, §13

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