Economic Development Set-Aside (EDSA) (Iowa)
Last modified on February 12, 2015.
|Applies to States or Provinces||Iowa|
|Name||Economic Development Set-Aside (EDSA) (Iowa)|
|Policy Category||Financial Incentive|
|Policy Type||Industry Recruitment/Support|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
|Implementing Sector|| State/Province
|Funding Source|| Job Creation, Retention and Enhancement Fund
|Program Administrator||Iowa Economic Development Authority|
|Primary Website|| http://www.iowaeconomicdevelopment.com/CDBG/CDBGJob
| Last Substantive Modification
The Economic Development Set-Aside (EDSA) program provides financial assistance to those businesses and industries requiring such assistance in order to create new job opportunities. Assistance is provided to encourage new business start-ups, expansion of existing businesses, new capital investment, and/or the relocation of out-of-state businesses into Iowa. Assistance may be provided in the form of direct loans or forgivable loans.
Priority is given to projects that will create manufacturing jobs, add value to Iowa resources and/or increase exports out of state. Preference will be given to those businesses which will create or retain the greatest number of jobs with the least amount of program dollars. Refinancing or restructuring of existing loans and projects involving a single retail establishment will be considered low priorities. In order to receive funding, programs must be “necessary and appropriate” and only the minimum amount of EDSA funds necessary to meet this may be provided. The only three valid criteria to determine this need are: a financing gap, insufficient return on investment or location disadvantages.
The EDSA is funded by the Job Creation, Retention and Enhancement Fund, which assists businesses that are creating new jobs by providing a direct or forgivable loan or through infrastructure projects. It also provides industry driven training assistance designed to help the underemployed and working poor obtain the training and skills they need to move into available higher-skill, better-paying jobs. Assistance is provided to leverage private financing in business activities resulting in the creation or retention of jobs principally for low- and moderate-income persons. Although the program provides financial assistance to businesses, the application must come from a public “sponsor”. Iowa cities under 50,000 population (with the exception of Cedar Falls) and all counties are eligible to apply on behalf of business within their jurisdiction.
|Department||Iowa Economic Development Authority|
|Division|| Job Creation, Retention and Enhancement Fund
Authorities (Please contact the if there are any file problems.)
|Authority 1:||Economic Development Authority [261, Ch 23]|
|Date Effective|| 2013