Entrepreneurial Ventures Assistance (EVA)
The Entrepreneurial Ventures Assistance (EVA) program provides financial assistance and/or technical assistance to start-up and early-stage companies and existing companies that are developing a new product or new technology. The purpose of the Entrepreneurial Ventures Assistance program is to encourage the development of entrepreneurial venture
planning and managerial skills in conjunction with the delivery of a financial assistance program for business start-ups and expansions.
Eligibility Requirements:
- An eligible business must be a start-up company, or an existing company that is developing a new product or technology.
- An applicant must consult with and obtain a letter of endorsement from an IDED-approved Iowa’s business accelerator or from another recognized entrepreneurial development organization such as a John Pappajohn Entrepreneurial Center (JPEC) [www.pappajohn.com/entrepreneur/], a Small Business Development Center (SBDC) [www.iowasbdc.org], or an equivalent organization recognized by the IDED.
- The individual or business must have a business plan that details the business growth strategy, management team (if applicable), production/management plan, marketing plan, financial plan, and other standard elements of a business plan (the business plan will be assessed on a numeric basis with weight given to a variety of traditional business plan components/categories).
- An eligible business must be located in Iowa and in an industry sector offering the greatest start-up and growth potential for the state.
Applicants will need to provide a strong rationale regarding how their industry diversifi es, strengthens or otherwise enhances Iowa’s economy, when applying for EVA assistance.
Businesses engaged in retail sales, personal services, consulting, franchises, the provision of health care or other professional services, and distributors of products or services will not be considered targeted industries and are not eligible for this program.
Assistance Available
Two types of assistance are available under the Entrepreneurial Ventures Assistance program.
Up to $250,000 may be awarded to a single applicant in the form of financial assistance. Repayment of the funds may be in the form of a royalty investment or loan, which is determined by the Iowa Department of Economic Development (IDED) upon approval of application. This funding may be used to leverage conventional financing; for business expenses or working capital; to purchase machinery, equipment, software or other business expenses deemed reasonable and appropriate by IDED.
Financial assistance is limited to 50 percent or less of the total original capitalization. If the applicant is a new business the percentage will be based on total original capitalization. If the business is already in existence the percentage will be based upon the total project costs. Access the Financial Assistance Application Process.
The second form of potential assistance is in the form of technical assistance. Up to $25,000 may be awarded to a single applicant in the form of financing for technical assistance provided by a third party. Funds used for technical assistance will be considered a grant and IDED will not require repayment. The request for this type of assistance may be made in conjunction with the request for financial assistance; or after a period of time that the business has been in operation. Access the Technical Assistance Application [MS Word: 153k].
To Learn More:
Individuals interested in the program should contact the Iowa Department of Economic Development to determine eligibility or to obtain information specific to their needs.
Phone: 515.242.4819
E-mail: businessfinance@iowalifechanging.com
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