The Iowa Department of Economic Development offers an array of financial assistance. Funds are awarded from the Community Economic Betterment Association (CEBA) and the Economic Development Set-Aside (EDSA) Program. These awards are based on factors such as job creation, employee wage rates, competiton with other Iowa firms, and the impact of the project on the economy. The funds may be given as a forgivable loan, low-or-no-interest loan, principal or interest rate buy-down on a loan. There are many additional programs for special needs based on minority ownership or employment, landfill use recycling, self-employment, and other needs.
State of Iowa New Jobs and Income Program (NJIP) Assistance to increase job training for value-added production or service in Iowa through extended property tax abatement and additional state corporate income tax credits. Qualify by creation of at least 50 new production jobs with a median wage that changes quarterly plus a $3 million capital investment.
State of Iowa Industrial New Jobs Training Program Assistance in the form of reimbursement of trainees' and trainers' wages, travel, materials. To be used as job training only. Qualifications are based on the number of jobs created and annual payroll over 3 years.
State of Iowa Community Economic Betterment Account (CEBA) Assistance in the form of low interest, no interest or forgivable loans. Estimate of $3,000 per job created. To be used for fixed assets and/or for working capital. A certain wage is required for each new job created, changing quarterly.
State of Iowa Income Job Tax Credit State income tax credit of $1,152 per job created. To be used in hiring new Iowa workers. Credit against state form; can carry forward up to 7 years.
SBA 504 Loan Program 40% of total project cost, Second Lien. Can be used for land, buildings, and certain equipment. For businesses employing less than 500.
Rail/RISE Economic Development Program 80% of infrastructure construction costs, up to $100,000 maximum. Use for rail or road extensions or improvements. Need to be filed by the city; 30-45 days review process.
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