WASHINGTON – Senator Chuck Grassley announced today that the U.S. Department of Commerce’s Economic Development Administration awarded a $250,000 grant to the Mid-Iowa Development Association Council of Governments.
“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.”
The Mid-Iowa Development Association Council of Governments will use the funds to help recapitalize a revolving loan fund that will assist businesses that were severely impacted by the 2008 Midwest Floods in Hamilton, Humboldt, Pocahontas, Webster and Wright counties.
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.