Senate File 286 - Introduced SENATE FILE 286 BY MATHIS A BILL FOR An Act establishing a business accelerator program administered 1 through the economic development authority for women-owned 2 businesses in the state and making appropriations. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1304XS (2) 86 ad/sc

S.F. 286 Section 1. WOMEN-OWNED BUSINESS ACCELERATOR PROGRAM AND 1 APPROPRIATION. 2 1. There is appropriated from the general fund of the state 3 to the Iowa economic development authority for the following 4 fiscal years, the following amounts, or so much thereof as is 5 necessary, to be used for the purpose designated: 6 To develop a business accelerator program and provide 7 related assistance for Iowa businesses owned by women: 8 a. FY 2015-2016: 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 450,000 10 b. FY 2016-2017: 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 450,000 12 2. From the moneys appropriated pursuant to this section, 13 the economic development authority shall procure the services 14 of a nonprofit Iowa entity to establish, develop, and 15 maintain a business accelerator program for Iowa businesses 16 owned by women and to provide related services. Under a 17 business accelerator program authorized pursuant to this 18 section, an entity shall provide Iowa women-owned businesses 19 long-term, individualized technical assistance and also 20 provide advanced business and market intelligence which assists 21 women-owned businesses in identifying market, product, or 22 service development opportunities. The entity establishing 23 the business accelerator program shall also develop, in 24 consultation with the economic development authority, an 25 internet site offering equity investment opportunities for Iowa 26 women to fund other Iowa women in business. 27 3. The economic development authority shall begin a request 28 for proposals process, issued for purposes of this section, no 29 later than September 1, 2015. 30 4. The nonprofit entity providing services pursuant to this 31 section shall report on the progress of the program and future 32 needs of women-owned businesses in the state to the general 33 assembly and the economic development authority by July 1, 34 2017. 35 -1- LSB 1304XS (2) 86 ad/sc 1/ 2

S.F. 286 5. Notwithstanding section 8.33, moneys appropriated in 1 this section that remain unencumbered or unobligated at the 2 close of the fiscal year shall not revert but shall remain 3 available for expenditure for the purposes designated until the 4 close of the succeeding fiscal year. 5 EXPLANATION 6 The inclusion of this explanation does not constitute agreement with 7 the explanation’s substance by the members of the general assembly. 8 This bill establishes a business accelerator program for 9 women-owned businesses in the state. The bill appropriates 10 $450,000 for both fiscal year 2015-2016 and fiscal year 11 2016-2017 to the economic development authority for the 12 development of a business accelerator program and other related 13 assistance for Iowa businesses owned by women. The bill 14 requires the economic development authority to procure the 15 services of a nonprofit Iowa entity to establish the program. 16 Through the program, the nonprofit entity must provide 17 women-owned Iowa businesses long-term, technical assistance 18 as well as advanced business and market intelligence. The 19 bill requires the nonprofit entity to develop an internet 20 site offering equity investment opportunities for Iowa women 21 to fund other Iowa women in business. The bill states that 22 the economic development authority shall begin a request for 23 proposals process by September 1, 2015. The nonprofit entity 24 is required to report to the general assembly on the program by 25 July 1, 2017. 26 -2- LSB 1304XS (2) 86 ad/sc 2/ 2