SF 445 (LSB 1304SV (1) 86)

SENATE FILE 445

BY  COMMITTEE ON ECONOMIC GROWTH

(SUCCESSOR TO SF 286)

A BILL FOR

An Act establishing a business accelerator program administered through the economic development authority for women-owned businesses in the state and making appropriations.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  WOMEN-OWNED BUSINESS ACCELERATOR PROGRAM AND APPROPRIATION.
   1.  There is appropriated from the general fund of the state to the Iowa economic development authority for the following fiscal years, the following amounts, or so much thereof as is necessary, to be used for the purpose designated:

   To develop a business accelerator program and provide related assistance for Iowa businesses owned by women:

   a.  FY 2015-2016:

.................................................. $    450,000

   b.  FY 2016-2017:

.................................................. $    450,000

   2.  From the moneys appropriated pursuant to this section, the economic development authority shall procure the services of a nonprofit Iowa entity to establish, develop, and maintain a business accelerator program for Iowa businesses owned by women and to provide related services. Under a business accelerator program authorized pursuant to this section, an entity shall provide Iowa women-owned businesses long-term, individualized technical assistance and also provide advanced business and market intelligence which assists women-owned businesses in identifying market, product, or service development opportunities. The entity establishing the business accelerator program shall also develop, in consultation with the economic development authority, an internet site offering equity investment opportunities for Iowa women to fund other Iowa women in business.
   3.  The economic development authority shall begin a request for proposals process, issued for purposes of this section, no later than September 1, 2015.
   4.  The nonprofit entity providing services pursuant to this section shall report on the progress of the program and future needs of women-owned businesses in the state to the general assembly and the economic development authority by July 1, 2017.
   5.  Notwithstanding section 8.33, moneys appropriated in this section that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the succeeding fiscal year.
EXPLANATION
The inclusion of this explanation does not constitute agreement with

the explanation’s substance by the members of the general assembly.
   This bill establishes a business accelerator program for women-owned businesses in the state. The bill appropriates $450,000 for both fiscal year 2015-2016 and fiscal year 2016-2017 to the economic development authority for the development of a business accelerator program and other related assistance for Iowa businesses owned by women. The bill requires the economic development authority to procure the services of a nonprofit Iowa entity to establish the program. Through the program, the nonprofit entity must provide women-owned Iowa businesses long-term, technical assistance as well as advanced business and market intelligence. The bill requires the nonprofit entity to develop an internet site offering equity investment opportunities for Iowa women to fund other Iowa women in business. The bill states that the economic development authority shall begin a request for proposals process by September 1, 2015. The nonprofit entity is required to report to the general assembly on the program by July 1, 2017.