GROW IOWA VALUES FINANCIAL ASSISTANCE PROGRAM (GIVFAP)
JOB CREATION AND RETENTION PROJECTS
Promoting business growth through innovative, flexible investment programs.
The Iowa Economic Development Authority (IEDA) has retooled our direct financial assistance programs to provide the flexibility and responsiveness necessary to support business needs. The Grow Iowa Values Financial Assistance Program (GIVFAP) serves as the funding source for projects that are focused on job creation or retention, value-added agriculture and entrepreneurial efforts. This program, combined with Iowa’s nationally recognized business climate, tax incentives and proactive state government make Iowa a great place to do business.
In addition to GIVFAP funding, IEDA also administers federal funds for job creation purposes. Additional requirements for federal funding are described below.
For Job Creation and/or Retention Projects
IEDA administers both state and federal funding that can help finance a wide variety of business operations; including biosciences, advanced manufacturing, information technology and financial services.
This funding provides financial assistance to companies that create new employment opportunities and/or retain existing jobs and make new capital investment in Iowa. The amount of funding is based, in part, on the number of jobs to be created/retained. Funds are provided in the form of loans and forgivable loans.
These state and federal investments are used to leverage primary project financing, such as bank financing and private investment, as well as local support.
Project Eligibility
State and federal funds for job creation/retention projects may be used for a wide range of business development purposes, including:
- Building construction or remodeling
- Land or building acquisition
- Site preparation
- Machinery & equipment purchases
- Computer hardware purchases
- Furniture & fixtures
Eligibility Requirements
- The proposed or existing operation must be located in Iowa
- The business must create or retain jobs that meet GIVFAP county wage threshold requirements
- The business must make a capital investment related to the proposed project
- The business must demonstrate a need for the requested funds
- The project must not be initiated prior to approval of the application
- The business must provide and contribute to medical coverage.
- Recipients of federal funding must employ at least 51 percent of available positions to Iowans who can be qualified as Low-to-Moderate Income.
- Recipients of federal funding require that 51 percent of the jobs created or retained be filled by low and moderate income persons, or that first consideration be given to hiring low and moderate-income persons. Low and moderate income is a much higher income level than the poverty level, and it is calculated based on family size and the county in which the person resides.
Project Evaluation
Projects are also evaluated according to the following criteria:
- The quality of the created/retained jobs (i.e., employee wages and benefit packages)
- The significant, positive impact the project makes on the community and the net economic gain to the state
- For state assistance, the type and amount of community support to be contributed to the project
- The impact of the proposed project on in-state competitors
- The quality of collateral pledged in the project
Contact the Iowa Economic Development Authority along with relevant local organizations to determine eligibility or to obtain information specific to your needs.
To Learn More:
Phone: 515.725.3100 or 800.532.1215
E-mail: businessfinance@iowa.gov