Startups receive funding from the Iowa Economic Development Authority

Over $400,000 in funding was approved for eight startup companies Friday by the Iowa Economic Development Authority, according to a news release.

According to the release, these eight companies received funding:

  • Ames-based ETALYC, LLC – $25,000 loan for purchasing necessary equipment
  • Iowa City-based L8NT – $100,000 loan for IP development and evaluation, product refinement, market planning and hiring key personnel.
  • Ames-based NebullamĀ LLC – $25,000 loan for IP development, evaluation and product refinement
  • Ames-based Sep-All – $25,000 loan for product refinement
  • Ames-based Gross-Wen Technologies, Inc. – $100,000 loan for hiring personnel
  • Sioux City-based – $100,000 loan for proof of concept work, product refinement, market planning activities and hiring personnel
  • Ames-based Tractor Zoom – $25,000 loan for market planning and market entry activities, hiring personnel

The $100,000 in funding coming from the Demonstration Fund is for small and medium-sized Iowa companies in the advanced manufacturing, biosciences and information technology industries.

The primary purpose of the Demonstration Fund is to help businesses with a high-growth potential reach a position where they can attract later-stage, private-sector funding.

The groups receiving $25,000 came from the Proof of Commercial Relevance Fund (POCR).