15.313 - STRATEGIC INVESTMENT FUND.
15.313 STRATEGIC INVESTMENT FUND.
1. a. An Iowa strategic investment fund is created as a
revolving fund consisting of any money appropriated by the general
assembly for that purpose and any other moneys available to and
obtained or accepted by the department from the federal government or
private sources for placement in the fund.
b. Notwithstanding section 8.33, moneys in the strategic
investment fund at the end of each fiscal year shall not revert to
any other fund but shall remain in the strategic investment fund for
expenditure for subsequent fiscal years.
2. The assets of the fund shall be used by the department to
assist in relocation or expansion projects for existing businesses as
well as entrepreneurial start-up and expansion projects. Moneys in
the fund shall be used for projects designed to meet any of the
following purposes:
a. To assist communities in the state by providing financial
assistance for small business gap financing, new business
opportunities, and new product and entrepreneurial development.
b. To provide financial and technical assistance to
early-stage industry companies and entrepreneurs.
c. To provide financial and technical assistance to targeted
small businesses as defined in section 15.102.
d. To provide comprehensive management assistance for
applicants or recipients of assistance from the fund.
e. To access federal funds available under any federal
microloan demonstration program.
f. To provide technical and financial assistance to help
persons with disabilities become self-sufficient by establishing or
expanding business ventures.
g. To assist businesses in retooling or upgrading production
equipment to meet contemporary technology standards.
3. At the beginning of each fiscal year, the board shall
establish goals for the strategic investment fund relating to the
intended strategic focus for the fiscal year. The director shall
report on a monthly basis to the board on the status of the fund.
Unobligated and unencumbered moneys remaining in the strategic
investment fund or any of its accounts on June 30 of each year shall
be considered part of the fund for purposes of the next year's
allocation. Section History: Recent Form
92 Acts, ch 1244, § 18; 94 Acts, ch 1119, § 2, 3; 96 Acts, ch
1219, §95; 99 Acts, ch 197, §21; 2000 Acts, ch 1230, §14; 2002 Acts,
ch 1041, §2; 2003 Acts, ch 71, §4; 2004 Acts, ch 1101, §12; 2008
Acts, ch 1032, § 122; 2009 Acts, ch 123, §24
Referred to in § 15.247, 15.312, 15E.120