Iowa Administrative Code
Agency 261 - Economic Development Authority
Part II - Workforce Development Coordination
Chapter 7 - Iowa Jobs Training Program
Rule 261-7.5 - Funding for Projects Which Include One Business

Universal Citation: IA Admin Code 261-7.5

Current through Register Vol. 47, No. 6, September 18, 2024

(1) The maximum award which may be approved for each project at a business site is $50,000 in a fiscal year.

(2) A business site may be approved for multiple projects, but the total of the awards for two or more projects shall not exceed $100,000 within a three-year period. The three-year period shall begin with the authority approval date of the first project approved within the three-year period.

(3) Awards shall be made in the form of forgivable loans.

(4) Financial assistance awarded to a project must be based on the actual cost of allowable services as identified in 261-79. (260F).

(5) Funds requested must be commensurate with training needs. Program funds shall not be used to cash flow a business.

(6) Community colleges shall issue the proceeds of an award to a business on a reimbursement basis or directly pay for training expenses from the college-administered separate program account.

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