WASHINGTON – Senator Chuck Grassley announced today that the U.S. Department of Commerce’s Economic Development Administration awarded three grants totaling of $1.8 million to Iowa.
“These funds should help generate economic growth and new jobs for these Iowa communities that were hit hard by severe flooding,” Grassley said. “This public and private partnership should serve Iowa’s economic interests well as businesses continue to get back on their feet.”
These funds were included as part of the $23 billion in disaster appropriations signed into law to assist victims of the Midwest floods, Hurricanes Ike and Gustav, California wildfires, and other natural disasters.
The Economic Development Administration serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States through the promotion of innovation and competitiveness and preparing regions for growth and success in the global economy.
The Economic Development Administration has awarded funds as described below.
v Southeast Iowa Regional Planning Commission in Burlington will receive $900,000 to help recapitalize a revolving loan fund that will serve southeastern Iowa businesses severely impacted by the 2008 floods. This should create 1,000 jobs with $6 million in private investment leveraged.
v East Central Intergovernmental Association in Dubuque will receive $500,000 to help recapitalize a revolving loan fund that will serve eastern Iowa businesses severely impacted by the 2008 floods. This should create 75 jobs and retain 75 jobs with $3.9 million in private investment leveraged.
v North Iowa Area Council of Governments in Mason City will receive $400,000 to help establish a revolving loan fund that will serve northern Iowa businesses severely impacted by the 2008 floods. This should create 140 jobs and retain 135 jobs with $2.8 million in private investment leveraged.