67-4723. GRANTS — STANDARDS AND ADMINISTRATION. The department of commerce shall administer a program of grants prorated to private capital raised to establish financing programs for new, emerging, and expanding business enterprises. Grants shall only be made to business and industrial development corporations (BIDCOs) licensed and regulated pursuant to the provisions of chapter 27, title 26, Idaho Code. It is recognized that BIDCOs, in compliance with section 26-2716, Idaho Code, administer a program of professional consulting and financing of new, emerging and expanding business enterprises. Such financings may take the form of loans or equity participation or a combination thereof. BIDCOs must report annually to the legislature, in compliance with section 27-2707[26-2707], Idaho Code, information on the impact of grants in promoting economic development in the state.
Requests for grant proposals shall require the applicant to describe in detail its experience and expertise, the professional manner in which it will identify, finance, and monitor new, emerging and expanding business enterprises, the criteria it will use to determine which enterprises should be financed to best further the purposes of sections 67-4721 through 67-4724, Idaho Code, the administrative and overhead charges which will be made to administer the grant, and such other matters as required by the department of commerce.
The department of commerce shall administer this program in such a way as to avoid favoritism of any particular enterprise and to maximize the public purposes of sections 67-4721 through 67-4724, Idaho Code, without regard to any incidental benefits which may accrue to private parties. In administering the program, the department of commerce shall emphasize job creation, improvement of the state’s tax base, geographic diversity of financing, and avoidance of financing enterprises which could reasonably be financed by other means.
History:
[67-4723, added 1991, ch. 148, sec. 3, p. 357.]
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