House File 720 - Introduced



                                     HOUSE FILE       
                                     BY  COMMITTEE ON ECONOMIC GROWTH

                                     (SUCCESSOR TO HF 122)


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act creating a women entrepreneurs and young professionals in
  2    business program.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1969HV 81
  5 tm/gg/14

PAG LIN



  1  1    Section 1.  Section 15.313, subsection 2, Code 2005, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  h.  To provide technical and financial
  1  4 assistance to participants in the women entrepreneurs and
  1  5 young professionals in business program under section 15.393.
  1  6    Sec. 2.  NEW SECTION.  15.391  SHORT TITLE.
  1  7    This part shall be known and may be cited as the "Women
  1  8 Entrepreneurs and Young Professionals in Business Program".
  1  9    Sec. 3.  NEW SECTION.  15.392  DEFINITIONS.
  1 10    As used in this part, unless the context otherwise
  1 11 requires:
  1 12    1.  "Early=stage industry company" means a company with
  1 13 three years or less of experience in a particular industry.
  1 14    2.  "Program" means the women entrepreneurs and young
  1 15 professionals in business program established in section
  1 16 15.393.
  1 17    Sec. 4.  NEW SECTION.  15.393  WOMEN ENTREPRENEURS AND
  1 18 YOUNG PROFESSIONALS IN BUSINESS PROGRAM.
  1 19    1.  The department shall establish and administer a program
  1 20 to provide financial and technical assistance to early=stage
  1 21 industry companies being established by young professionals
  1 22 and women entrepreneurs.  The program shall encourage the
  1 23 development of entrepreneurial venture planning and managerial
  1 24 skills in such young professionals and women entrepreneurs in
  1 25 conjunction with the delivery of a financial assistance
  1 26 program for business start=ups and expansions.
  1 27    2.  An eligible woman entrepreneur applicant under the
  1 28 program is an individual who is participating in or has
  1 29 successfully completed a recognized entrepreneurial venture
  1 30 development curriculum, or a business whose principal
  1 31 participants have successfully completed a recognized
  1 32 entrepreneurial venture development curriculum as determined
  1 33 by the department.  The department of inspections and appeals,
  1 34 in cooperation with the department of economic development,
  1 35 shall certify that the business is fifty=one percent or more
  2  1 owned, operated, and actively managed by one or more women.
  2  2    3.  An eligible young professional applicant under the
  2  3 program is a person under the age of forty.  Financial
  2  4 assistance to an applicant under this subsection shall be used
  2  5 for capital investment expenditures associated with a business
  2  6 start=up.
  2  7    4.  Each application for financial or technical assistance
  2  8 submitted to the department must include a business plan, a
  2  9 marketing plan, a budget, and a statement of purpose stating
  2 10 how any financial assistance received will be used.
  2 11    5.  Unless otherwise authorized by the director, the
  2 12 department shall not provide more than five thousand dollars
  2 13 of technical assistance per project and shall not provide more
  2 14 than a total of twenty thousand dollars in financial
  2 15 assistance per project.
  2 16    6.  In addition to moneys appropriated for the program, the
  2 17 department may allocate moneys from the Iowa strategic
  2 18 investment fund under section 15.313 for the administration
  2 19 and operation of the program.
  2 20    7.  The department shall adopt administrative rules
  2 21 pursuant to chapter 17A to administer the program.
  2 22                           EXPLANATION
  2 23    This bill creates a women entrepreneurs and young
  2 24 professionals in business program.
  2 25    The bill provides that the department of economic
  2 26 development shall establish and administer a program to
  2 27 provide financial and technical assistance to early=stage
  2 28 industry companies being established by young professionals
  2 29 and women entrepreneurs.
  2 30    The bill provides that an eligible woman entrepreneur
  2 31 applicant under the program is an individual who is
  2 32 participating in or has successfully completed a recognized
  2 33 entrepreneurial venture development curriculum, or a business
  2 34 whose principal participants have successfully completed a
  2 35 recognized entrepreneurial venture development curriculum as
  3  1 determined by the department of economic development.  The
  3  2 bill provides that the department of inspections and appeals,
  3  3 in cooperation with the department of economic development,
  3  4 shall certify that the business is 51 percent or more owned,
  3  5 operated, and actively managed by one or more women.
  3  6    The bill provides that each application for financial or
  3  7 technical assistance submitted to the department of economic
  3  8 development must include a business plan, a marketing plan, a
  3  9 budget, and a statement of purpose stating how any financial
  3 10 assistance received will be used.
  3 11    The bill provides that an eligible young professional
  3 12 applicant under the program is a person under the age of 40.
  3 13 The bill provides that financial assistance for young
  3 14 professionals shall be used for capital investment
  3 15 expenditures associated with a business start=up.
  3 16    The bill provides that, unless otherwise authorized by the
  3 17 director, the department of economic development shall not
  3 18 provide more than $5,000 of technical assistance per project
  3 19 and shall not provide more than a total of $20,000 in
  3 20 financial assistance per project.  The bill provides that, in
  3 21 addition to moneys appropriated for the program, the
  3 22 department may allocate moneys from the Iowa strategic
  3 23 investment fund for the administration and operation of the
  3 24 program.
  3 25 LSB 1969HV 81
  3 26 tm:rj/gg/14