Stages:

• Seed

 

Industries:

Business Services

Consumer Products & Services

Information Technology

Medical Device

Retail & Restaurant

 

Description:

Formed in 1988, the Siouxland Initiative (TSI), and its partners in regional economic development, have identified technology and innovation as key factors in the continued economic growth of Siouxland. TSI is implementing a strategy where TSI acts as a liaison between the universities and local businesses. TSI seeks to identify opportunities to license technologies from the universities into expanding or new companies in the region. The group has access to the Economic Development Set-Aside (EDSA) Program, which creates low-interest loans for undeveloped areas. The maximum incentive level from this program is $500,000 for a project which creates or retains jobs. A business seeking assistance must meet certain wage thresholds. Applications are evaluated based upon the number of jobs created; both public and private matching funds; the level of need by the business; and the impact of the project on the local economy and the State of Iowa. Three fund drives over the past ten years have raised nearly $9 million dollars from Sioux City metro communities and corporations to support the programs and staffing of TSI. The Siouxland Initiative provides the following services to companies looking to expand: research, consulting, loans, and incentive packages.