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Three EDC Clients Receive Awards from Iowa Economic Development Board

CEDAR RAPIDS, IA–July 21, 2011–Cedar Rapids-based business accelerator, EDC, is pleased to announce that three of its clients were notified by the Iowa Economic Development Board that they have been approved for awards. The awards totaled $429,000 and will allow the locally-founded businesses to commercialize and add jobs.

Ag Sugar, an industrial biotechnology company, was awarded a $250,000 royalty agreement and Enterprise Zone tax incentives for a Cedar Rapids expansion that will create 24 jobs. Iowa City-based Foundations in Learning was awarded $104,000 from the Iowa Demonstration Fund to assist with the execution of several critical marketing and sales initiatives for its scientifically-based intervention solutions for elementary and middle school-age students. Additionally, Revolt, a Coralville manufacturer of patented razor lubricating liquid, was awarded  $75,000 from the Iowa Demonstration Fund for further commercialization of the Revolt Shaving Products.

The EDC and Priority One worked in partnership to submit the Ag Sugar application to the Iowa Department of Economic Development (IDED). Both entities lent expertise, resulting in this final award.