15.313 - STRATEGIC INVESTMENT FUND. - Iowa Statutes

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