An eligible business must be located in Iowa and in an industry sector offering the greatest start-up and growth potential for the state, including but not limited to:

• biotechnology
• recyclable materials
• software development and computer related products
• advanced materials
• advanced manufacturing
• medical and surgical instruments

To qualify, applicants must have completed or must be participating in entrepreneurial training from a John Pappajohn Entrepreneurial Center, or have comparable training and/or experience. Businesses engaged in retail sales, the provision of health care or professional services, and distributors of products or services are not eligible for EVA funds.

Financial assistance of up to $50,000 may be awarded for the purchase of machinery and equipment, and other business acceleration expenses. (The maximum investment available may change; please contact the EVA program manager for more information.)

Applicants must identify a specific project and associated costs. EVA funds may be used to finance up to 50 percent of the total project costs. The preferred investment is in the form of a royalty arrangement; terms of the royalty arrangement are flexible and designed to meet the needs of the company. Other investment tools, such as low-interest loans, may be available.

A single applicant may also be awarded up to $10,000 for technical assistance. Technical assistance funds may be used for such activities as product testing, and design improvement, or the purchase of technical or professional expertise. Technical assistance funding is considered a grant, and repayment is not required.