Iowa Administrative Code
Agency 261 - Economic Development Authority
Part V - Innovation and Commercialization Activities
Chapter 102 - Entrepreneur Investment Awards Program
Rule 261-102.4 - Program Description, Application Procedures, and Delegation of Functions

Universal Citation: IA Admin Code 261-102.4

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

(1) Program description. The program is designed to provide financial assistance to service providers meeting the eligibility requirements described in rule 261-102.6 (15E). All awards of financial assistance must ultimately be approved by the board, and a contract must be entered into before funds will be disbursed. All contracts will specify the deliverables required in consideration for the provision of financial assistance.

(2) Application and award procedures. Eligible service providers may submit applications to the authority. The applications will receive an initial review to confirm program eligibility before being sent to the committee for a recommendation on funding. The committee will provide its recommendation to the board for a final determination on funding. The board may approve, deny, or defer each application for financial assistance under the program. The board will consider applications for financial assistance during the annual filing window described in subrule 102.4(4). The amount of financial assistance awarded to a service provider is within the discretion of the authority as determined by the board. If the board approves an award of financial assistance for a service provider, the authority will prepare a required contract specifying the terms and conditions under which financial assistance is provided to the service provider.

(3) Review procedure.

a. The committee shall verify that all objective criteria for eligibility are met as described in subrule 102.6(1) and shall provide an opinion as to whether and to what extent the applicant meets the subjective criteria described in subrule 102.6(2). The analysis of eligibility shall be compiled in report form and submitted to the board for its use in making a final determination.

b. The committee shall recommend to the authority the terms and conditions to be included in the contract in consideration for receipt of the grant funds.

(4) Annual filing window. In order to facilitate the competitive application and scoring process described in rule 261-102.6 (15E), applications will be accepted only during the established application period, or periods, as identified by the authority on its website during each fiscal year in which funding is available. The authority may adjust the filing window dates under extenuating circumstances and will notify affected parties of such circumstances.

(5) Miscellaneous. The authority may contract with outside service providers for assistance with the program. The authority may also make client referrals to eligible service providers regardless of the amount of financial assistance provided.

Disclaimer: These regulations may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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