Grow Iowa Values Financial Assistance Program
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, IDED also administers federal funds for job creation purposes. Additional requirements for federal funding are described below.
For Job Creation & Retention Projects
IDED administers both state and federal funding that can help finance a wide variety of business operations, including:
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. State assistance is typically $3,000 to $5,000 per job, with 50% forgivable and 50% low-interest loan.
These state and federal investments are used to leverage primary project financing, such as bank financing and private investment, as well as local support.
- Contracting Periods
- 3 year performance period
- 2 year performance period
- Standard Benefits
- Some level of medical benefits are required:
- 80% medical and dental (single)
- 50% medical and dental (family)
- Monetary equivalent of other benefits (retirement, profit sharing, life insurance, disability, HSA, etc.)
- Other Project Factors
- Fiscal impact ratio
- Local match
- 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% of available positions to Iowans who can be qualified as low to moderate income.
- Recipients of federal funding require that 51% of the jobs created or retained must 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.
- 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