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