Purpose

To provide financial assistance to qualifying businesses for job creation projects.

Application

The State makes loans and/or grants to cities applying on behalf of eligible businesses within their jurisdiction.

Eligibility

• Must create new jobs or retain existing jobs as a direct result of the project.
• Must demonstrate a need for State financial assistance.
• Must sell goods or services outside the State of Iowa.
• Projects that move jobs from one Iowa location to another are ineligible.
• May be used for land, buildings, construction, equipment, and working capital.

TERMS

• Flexible interest rates and amortization periods.
• Maximum loan or grant of $1 million.

APPLICATION RANKING FACTORS

• Number of jobs created/retained.
• Diversification of the state and local economy.
• Expansion of the tax base.
• Effect on overall quality of life.
• Amount of private contribution to the project.
• Amount of equity in the project.
• Amount of community contribution to the project.

APPLICATION PROCESS

• Review and structure project with City of Des Moines staff.
• Submission of financial and narrative project information.
• City prepares, reviews, and approves proposal.
• Submission to State of Iowa. Typically, less than 30-day response.

For additional information, please e-mail OED@dmgov.org or call (515) 283-4004.