185C.11A - FINANCIAL ASSISTANCE PROGRAM.
185C.11A FINANCIAL ASSISTANCE PROGRAM.
1. The board shall assist in efforts to improve the economic
conditions of corn producers by providing financial assistance to
eligible persons for purposes of supporting projects which expand
markets for all corn produced in this state and products derived from
that corn. A project must relate to any of the following:
a. The planning, development, construction, operation, or
improvement of a new or existing value-added facility which utilizes
corn or corn products.
b. The development, production, or utilization of a variety
of corn which expresses new or specialized traits.
c. The development of products or the delivery of services
likely to increase the profits or reduce the risks associated with
corn production or marketing.
2. The board may provide financial assistance in the form of an
interest loan, low-interest loan, no-interest loan, forgivable loan,
loan guarantee, grant, letter of credit, equity financing, principal
buy-down, interest buy-down, or a combination of these forms. The
board shall not approve an application for financial assistance under
this section to refinance an existing loan.
3. A person is eligible for financial assistance under this
section if all of the following apply:
a. The financial assistance will be used to support a project
that will provide a demonstrable benefit to corn producers.
b. The board approves a business plan submitted by the
person. The business plan must demonstrate the person's managerial
and technical expertise to carry out the project.
c. The person agrees to comply with terms and conditions of
the financial assistance as determined by the board.
4. The board shall award financial assistance to an eligible
person based on all of the following criteria:
a. The degree to which the project will benefit corn
producers.
b. The feasibility of the project to become a viable
enterprise.
c. The amount of the investment in the project contributed by
corn producers.
d. The economic and technical viability of the processes to
be employed.
e. The economic and technical viability of the products to be
produced. Section History: Recent Form
2004 Acts, ch 1024, §5
Referred to in § 185C.11