Press Release

U.S. Department of Commerce Invests $750,000 in the Iowa Northland Regional Economic Development Commission of Waterloo, Iowa Regional Planning Commission, Warrenton, Missouri

February 6, 2009
Contact: Bryan Borlik, (202) 482-4085

Federal Grant Expected to Create 465 Jobs and Generate $4.65 Million in Private Investment

The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $750,000 grant to the Iowa Northland Regional Economic Development Commission of Waterloo, Iowa to help establish a Revolving Loan Fund that will provide gap financing to businesses impacted by the 2008 flood disaster.

"The Economic Development Administration is pleased to partner with Iowa Northland Regional Economic Development Commission to boost business development and job growth," said Sandra R. Walters, EDA Chief Financial Officer/Chief Administrative Officer. "This EDA grant is expected to attract $4.65 million in private investment and create 465 jobs for local citizens."

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA's mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.