WASHINGTON – Senator Chuck Grassley announced today that the U.S. Department of Commerce’s Economic Development Administration will recapitalize a revolving loan fund of $450,000 to Region XII Council of Governments.
The revolving loan fund will be used by Region XII Council of Governments to help assist west central Iowa businesses that were severely affected by the 2008 floods. These funds along with the $3.6 million in private investments that have been leveraged will create 261 jobs and help spur more private investments.
“These funds will help Region XII 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.”