§ 185C.11A — Financial assistance program

Iowa § 185C.11A

• Jurisdiction: Iowa
• Title V: AGRICULTURE
• Ch. 185C: CORN PROMOTION BOARD

Text

1. The board shall assist in efforts to improve the economic conditions of corn producers
byprovidingfinancialassistancetoeligiblepersonsforpurposesofsupportingprojectswhich
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-interestloan, forgivableloan, loanguarantee, grant, letterofcredit, equityfinancing,
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.
5 CORN PROMOTION BOARD, §185C.16
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.