On Wednesday, April 3, the Iowa Senate voted to approve Senate File 430, the economic development budget.
This legislation invests $78.5 million next year in helping grow Iowa’s economy in variety of ways. This is an increase of $40.8 million over FY 2013 and an increase of $5.6 million compared to the Governor’s recommendation.
Using financial incentives to create high quality jobs: This legislation funds loans and forgivable loans to help Iowa business expand and to attract businesses to Iowa.
Significantly increased funding for the Main Street Program: An increase of $3 million for grants that help improve the infrastructure of historic commercial districts.
Connecting unemployed Iowans to businesses looking to hire: In 2011, Governor Branstad closed many Workforce Development offices, mostly in rural areas. This legislation would reopen offices in Ames, Atlantic, Denison, Newton and Clinton.
Expand efforts by Iowa’s universities to serve as engines for growth: Our universities work with businesses on technology commercialization, marketing, entrepreneurship, and business growth. We maintain our current commitments and also fund new programs at the Universities which stimulate the Iowa economy and emphasize support for Iowa-based companies.
Fighting Wage Theft: An increase for the Labor Services Division to hire two FTEs to investigate wage theft claims. We want to make sure workers get paid for their work.