DES MOINES, Iowa — Businesses in Iowa that have received a credit union, bank or Small Business Administration loan, may be eligible for a forgivable loan up to $50,000.

In an effort to assist businesses still recovering from this year's floods, Iowa Gov. Chet Culver has provided $40 million through the Jumpstart Small Business Assistance program. The loan provided will be forgiven if the business reopens within six months of receiving funds and if applicable, upon receipt of documentation that the business has purchased and installed energy-efficient equipment, according to the governor's office.

The amount of the loan is 25% of the business' SBA loan amount up to $50,000 including $5,000 to reimburse businesses for the full cost of purchasing energy-efficient furnaces, boilers, appliances, air conditioners, hot water heaters, windows and insulation.

Culver also announced a sister program, the Jumpstart Iowa Housing program, which aids homeowners with a down payment on a new house, repair their current home or maintain their mortgage while waiting for a potential buyout from FEMA. The maximum award is a $50,000 loan, plus an additional $10,000 for energy efficient appliances, all of which will be forgiven if the homeowner stays in the house for ten years.

The Jumpstart programs, which made their debut this week, will be administered through the Iowa Department of Economic Development.

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Iowa Provides $40 Million Jump Start to Businesses

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