WASHINGTON – Senator Chuck Grassley announced today that the U.S. Department of Commerce’s Economic Development Administration, has established a revolving loan fund of $1.5 million to East Central Iowa Council of Governments for economic development.
“These funds will help East Central Iowa Council of Governments provide necessary financing to businesses that were severely impacted by the massive flooding earlier this year,” Grassley said. “The floods put a tremendous burden on businesses across Iowa, so it’s nice to see some help headed their way.”
The revolving loan fund will be used by East Central Iowa Council of Governments to help provide critical financing to businesses to minimize economic dislocations resulting from natural and other disasters and help improve private sector responsiveness and effectiveness in the recovery process.