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.
Terms Used In Iowa Code 185C.11A
- Board: means the Iowa corn promotion board established by this chapter. See Iowa Code 185C.1
- Corn: means and includes all kinds of varieties of corn marketed or sold as corn by the producer but shall not include sweet corn or popcorn or seed corn. See Iowa Code 185C.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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.