Press Release

U.S. Department of Commerce Invests $400,000 in the North Iowa Area Council of Governments, Mason City, Iowa

March 9, 2009
Contact: Bryan Borlik, (202) 482-4085

Federal Grant Expected to Create or Save 275 Jobs and Generate $2.76 Million in Private Money

The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $400,000 investment to the North Iowa Area Council of Governments of Mason City, Iowa to capitalize a revolving loan fund that will provide financing assistance to businesses in flood-impacted Cerro Gordo, Floyd, Franklin, Hancock, Kossuth, Mitchell, Winnebago, and Worth counties.

"The Economic Development Administration is pleased to partner with the North Iowa Area Council of Governments 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 $2.76 million in private investment and create or save 275 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.