|Program||# of Grants||EDA Funds|
|*From prior year recoveries.|
In FY 2012, EDA grantees in Iowa received 19 grants totaling $3.1 million. EDA’s investments support the growth and expansion of bio-processing, alternative energy, and disaster recovery. By supporting bottom- up, regionally-owned economic development initiatives, EDA’s investments will create jobs and position Iowa communities to maximize their economic assets and potential. These investments are expected to create or retain 165 jobs according to grantee estimates.
Investment Spotlight: EDA Investment Provides Critical Gap Funding for Small Businesses in Need
Following a natural disaster, small businesses often face challenges long after the clean-up is complete. EDA’s Revolving Loan Fund (RLF) Program has been utilized extensively in disaster-impacted communities where affected businesses need low interest financing to restore operations. In 2012, EDA provided a $2.9 million award to recapitalize of an RLF managed by the East Central Iowa Council of Governments (ECICOG) to provide support to businesses in a region that continues to recover from devastating floods in 2008.
ECICOG's Revolving Loan Fund Business Assistance Program has increased the amount of gap financing capital available for local businesses in need. Ovation Networks, Inc., a young and innovative Wi-Fi solutions company, is one of many businesses in downtown Cedar Rapids affected by the 2008 flood disaster that has not only survived, but is now thriving because of ECICOG’s assistance. At a crucial time, the ECICOG RLF provided Ovation a $150,000 loan, making possible a $365,000 investment in furniture and fixtures and providing needed working capital. The company has prospered and contributed to the community’s recovery. It now employs 63 workers.