620.1069. Microenterprise loan program--definitions, purpose--oversight committee, duties.

Microenterprise loan program--definitions, purpose--oversightcommittee, duties.

620.1069. 1. The department of economic development is authorized toadminister a microenterprise loan program. For purposes of sections 620.1069to 620.1081, the term "microenterprise" means a small business, with no morethan ten employees, in which the owner, or members of the owner's immediatefamily, provide the majority of management and a significant amount of laborrequired to operate the business. For purposes of sections 620.1069 to620.1081, the term "immediate family" means the spouse of an owner, theowner's children, including the owner's adult children, who reside in theowner's home. The loan program shall be designed to provide financing for theexpansion, modernization or improvement of existing microenterprises or forthe commencement of new microenterprises.

2. The director of the department of economic development shall appointan oversight committee of nine members which may include, but is not limitedto, representatives of state government, banks, business assistance providers,entrepreneurs, or not-for-profit organizations, to assist in administering theprovisions of sections 620.1069 to 620.1081. The director of the departmentof economic development, or the director's designee, shall serve as chairmanof the oversight committee. The committee shall be appointed to serve at thepleasure of the director and shall receive no compensation, but shall bereimbursed for expenses incurred in the performance of any duties required asmembers of the oversight committee. The committee, after review ofapplications, shall designate microenterprise loan programs in the state andthe geographical boundaries in which each will operate.

(L. 1994 H.B. 1248 & 1048 § 10, A.L. 1997 2d Ex. Sess. S.B. 1)

Effective 12-23-97