Iowa Admin. Code r. 261-119.4

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 261-119.4 - Program eligibility

To be eligible for financial assistance under the program, an applicant shall meet all of the following requirements:

(1) The applicant must propose a manufacturing 4.0 technology investment that has not been made prior to the date of application.

(2) The applicant must manufacture goods at a facility located in Iowa.

(3) The applicant must have a North American industry classification system code within the manufacturing sector range 31-33.

(4) The applicant must have been an established business for a minimum of three years prior to the date of application to the program. The authority will presume a business was established as of the date of incorporation or organization of the applicant entity unless an applicant demonstrates to the authority's satisfaction that the business was established earlier.

(5) The applicant must derive a minimum of 51 percent of the applicant's overall revenue from the sale of manufactured goods.

(6) The applicant must employ a minimum of 3 employees and no more than 75 employees across all of the applicant's locations.

(7) The applicant must have an assessment of the applicant's proposed manufacturing 4.0 technology investment completed by the center for industrial research and service at Iowa state university of science and technology prior to submission of an application.

(8) The applicant shall demonstrate the ability to provide matching financial support for the applicant's manufacturing 4.0 technology investment on a one-to-one basis in the form of cash. The matching financial support must be obtained from private sources.

Iowa Admin. Code r. 261-119.4

Adopted by IAB October 6, 2021/Volume XLIV, Number 7, effective 9/17/2021