IEDA Board Approves Assistance For Three Companies, Awards For Three Service Providers Supporting Diverse Entrepreneurs

posted on Tuesday, April 20, 2021 in Investor Highlights

Grants awarded to three service providers supporting diverse entrepreneurs

Three entrepreneurial service providers were awarded grants via the Entrepreneurial Investment Award (EIA) program. The program provides financial assistance to service providers that offer technical and financial assistance to entrepreneurs and startup companies seeking to create, locate or expand a business in Iowa. The maximum amount that the IEDA Board will award for the fiscal year 2021 is $500,000.  In addition, the board will award no more than $200,000 to anyone service provider per fiscal year. The award is in the form of a grant through a competitive application process. Among the criteria for assessing this round of applications was how the initiative adds value to the Iowa entrepreneurial ecosystem, specifically those that support and enhance diversity.

The 24/7 Black Leadership Advancement Consortium (24/7 BLAC) aims to increase professional development, stimulate the creation of wealth and financial empowerment, and build networks of influence with navigational support for Black Professionals. In partnership with community organizations including the University of Northern Iowa, Red Cedar CV and Grow Cedar Valley, 24/7 BLAC offers the Black Business & Entrepreneurship Accelerator (BBEA), the only all-black accelerator program in the state. BBEA provides financial and sustainability support to new and existing minority-owned businesses in the Cedar Valley to accelerate growth and development. The project was awarded a $200,000 grant from the EIA program to support the accelerator.

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