Direct Financial Assistance
The State of Iowa offers a number of programs that provide attractive financial assistance to new and expanding businesses primarily through the Iowa Economic Development Authority, which partners with local and regional groups like the Corridor to facilitate assistance. Assistance is provided in a number of forms and is centered on job creation, capital investment, quality wage standards, quality of employment, and economic benefits for the state and local community.
Job Training Assistance
The State of Iowa offers a number of workforce training programs. The centerpiece of Iowa’s worker training assistance offerings is the Iowa Industrial New Jobs Training [260E] program, which provides businesses which are expanding their Iowa workforce with funding for new employee training. Available through North Iowa Area Community College, the 260E program is one of the nation’s best workforce training programs in terms of funding accessibility and flexibility to meet the needs of business. NIACC sells bonds to finance the awards and, depending on wages paid, the business then diverts 1.5% or 3% of the Iowa state withholding taxes generated by the new positions to the community college to retire the bonds.
High Quality Jobs Program
The High Quality Jobs program provides qualifying businesses tax credits and direct financial assistance to off-set some of the costs incurred to locate, expand or modernize an Iowa facility. To qualify for state assistance packages that include loans, forgivable loans, tax credits, exemptions and/or refunds, eligible businesses must meet certain wage threshold requirements.