Iowa Admin. Code r. 261-7.5

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 261-7.5 - Funding for projects which include one business

(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.

Iowa Admin. Code r. 261-7.5

Amended by IAB November 22, 2017/Volume XL, Number 11, effective 12/27/2017