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:
Advanced manufacturing
Bio sciences
Financial services

Information technology
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.

Program Requirements

  • 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
  • Leverage
  • Local match

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% 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.

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