WASHINGTON – Chuck Grassley today said that the U.S. Department of Commerce’s Economic Development Administration has invested $7,009,315 in Waterloo which is still recovering from severe flooding over the last several years.
Waterloo will use the funds to install five storm water lift stations. These stations will increase the city’s capacity to pump water from its sewer system during times of flooding, helping to protect approximately 380 local businesses from future floods.
“These funds are intended to help Waterloo as it continues to recover from the floods, and should encourage more businesses and families to come to the community,” Grassley said.
According to the Economic Development Administration, the disaster recovery projects work to minimize economic dislocations resulting from natural and other disasters, improving responsiveness and effectiveness in the recovery process.
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.