Iowa Administrative Code
Agency 261 - Economic Development Authority
Part IV - Business Development Division
Chapter 55 - Targeted Small Business Financial Assistance Program
Rule 261-55.4 - Monitoring

(1) The authority or microloan service provider reserves the right to monitor the recipient's records to ensure compliance with the terms of the award. The authority or microloan service provider may request information on the condition of the business at any time during the life of the loan to determine the status of the project. Authority or microloan service provider staff will contact the recipient as frequently as conditions may warrant during the life of the loan.

(2) The authority or microloan service provider may require a program recipient to consult with designated small business service providers for assistance with various aspects of the management and operation of the business.

(3) If the authority or microloan service provider determines that a borrower is in default, the authority may seek recovery of the loan plus interest or other penalties, negotiate alternative payment schedules, suspend or discontinue collection efforts and take other action as the authority deems necessary.

(4) A person receiving funds under the program may be subject to criminal penalties under Iowa Code section 15A.3 if it is determined that the person knowingly made a false statement in writing to procure economic development assistance from the state.