Iowa Senate Bill SF461

Iowa 2023-2024 Regular Session

• Introduced: 2/28/23
• Refer: 6/5/23
• Engrossed: 2/27/24
• Enrolled: 4/29/24
• Refer: 2/27/24
• Passed: 5/8/24

Caption

A bill for an act to include veterans in the small business linked investments program. (Formerly SSB 1174.) Effective date: 07/01/2024.

Impact

By including veterans in the small business linked investments program, SF461 aims to create a more equitable economic landscape, providing veterans access to critical funding avenues that had previously been limited to other minority groups. This inclusion is expected to stimulate growth among veteran-owned businesses, thereby enhancing overall economic development in the state. The bill positions itself as a significant step in acknowledging the contributions of veterans to society and facilitating their transition into entrepreneurship.

Summary

Senate File 461 aims to amend the small business linked investments program in Iowa to include veterans as eligible recipients of investment funds. The bill proposes that the treasurer of state can invest a portion of the state pooled money fund in eligible lending institutions, with specific provisions ensuring that moneys are available to small businesses that are at least 51% owned, operated, and managed by veterans, women, minorities, or persons with disabilities. This change is intended to foster economic opportunities and provide essential capital support for veterans venturing into business.

Sentiment

The sentiment around SF461 appears to be positive, particularly among advocates of veteran affairs and economic development groups who view this legislation as an essential support mechanism. The unanimous vote of 12-0 in favor of the bill during the Senate Veterans Affairs discussion indicates broad support across the board. Stakeholders believe that the bill represents a meaningful investment in the futures of veterans and acknowledges their service by equipping them with necessary resources for business initiation and growth.

Contention

While the response to SF461 has largely been supportive, discussions may arise concerning the potential limitations of funding availability and how effectively the program can ensure equitable access for all qualifying businesses. Additionally, concerns about bureaucracy and the effectiveness of state-managed investment programs might be raised as the bill progresses, especially regarding accountability and the actual impact on veteran businesses compared to other marginalized groups.