WASHINGTON – Senator Chuck Grassley announced today that the U.S. Department of Commerce’s Economic Development Administration awarded two grants totaling of $2.4 million to Keokuk Municipal Waterworks and Southwest Iowa Planning Council.

“These funds should help generate economic growth and new jobs for these Iowa communities,” Grassley said. “This public and private partnership should serve Iowa’s economic interests well.”

The Economic Development Administration serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States through the promotion of innovation and competitiveness and preparing regions for growth and success in the global economy.

The Economic Development Administration has awarded funds as described below.

v  Keokuk Municipal Water Works will receive $2 million to help fund the construction of an improved water distribution system and storage facility for Keokuk to help meet the increasing water demand from Keokuk’s manufacturing sector and allow for business expansion. This should create 44 jobs and retain 445 jobs with $30 million in private investment leveraged.

v  Southwest Iowa Planning Council will receive $400,000 to help recapitalize a revolving loan fund that serves southwestern Iowa businesses and communities severely impacted by the 2008 floods. With the loan fund recapitalized, businesses will again be able to apply for loans. This should create 60 jobs and retain 60 jobs with $3 million in private investment leveraged.