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.
2004 Acts, ch 1024, §5
Referred to in §185C.11
Structure Iowa Code
Chapter 185C - CORN PROMOTION BOARD
Section 185C.2 - Petition for election.
Section 185C.3 - Establishment of corn promotion board.
Section 185C.5 - Notice of election.
Section 185C.6 - Number and election of directors.
Section 185C.7 - Terms of directors.
Section 185C.8 - Administration of elections for directors.
Section 185C.10 - Ex officio nonvoting members.
Section 185C.11 - Purposes and powers of the board.
Section 185C.11A - Financial assistance program.
Section 185C.13 - Powers and duties.
Section 185C.14 - Membership of board — compensation — meetings.
Section 185C.15 - Term of promotional order — automatic extension.
Section 185C.16 - Notice of referendum.
Section 185C.17 - Contents of notice.
Section 185C.20 - Producers only to vote.
Section 185C.21 - State assessment.
Section 185C.22 - State assessment on purchase invoice.
Section 185C.23 - Deduction of state assessment.
Section 185C.24 - Cancellation and suspension.
Section 185C.25 - Effective period of promotional order — termination.
Section 185C.25A - Collection of federal assessment.
Section 185C.26 - Deposit of moneys — corn promotion fund.
Section 185C.27 - Refund of assessment.
Section 185C.28 - Use of moneys — appropriation.
Section 185C.29 - Remission of excess funds.