The Iowa Economic Development Authority is seeking applications from Iowa-based businesses for funding available through its Iowa Student Internship Program. The Iowa Student Internship Program provides grants to small and medium-sized companies in the advanced manufacturing, biosciences and information technology industries to help support their internship programs with a goal of transitioning the interns to full-time employment in the state upon graduation.
The program is available to Iowa-based companies that meet the following criteria:
- Engage in one of the targeted industries: biosciences, advanced manufacturing or information technology.
- Employ 500 or fewer, with a significant portion employed within Iowa.
- The employer must offer the internship to students based on the eligibility outlined below.
- The employer can offer either summer or semester-based internships.
- Summer internships must last a minimum of 8 weeks averaging no less than 30 hours per week or 240 hours total.
- Semester internships must last a minimum of 14 weeks averaging no less than 10 hours per week or 140 hours total.
- The employer must pay the student an hourly wage that is at least twice the minimum hourly wage. ($14.50/hr)
- A business which is engaged in retail sales or which provides health services is INELIGIBLE.
Eligible students must be:
- A student at one of the Iowa community colleges, private colleges, or institutions of higher learning under the control of the state board of regents;
- OR a student who graduated from high school in Iowa, but attends an institution of higher learning outside the state of Iowa.
- The student must be within ONE to TWO years of graduation. (undergraduate or graduate student)
- The student must be employed as an intern at a location in Iowa.
Eligible companies can apply for support for up to three internships for fiscal year 2018 (July 1, 2017 – June 30, 2018) internships. The maximum amount that may be awarded to any one employer for all internships in any one fiscal year shall not exceed $9,300, up to $3,100 per internship.
Funds will be disbursed on a reimbursement basis and as a portion of the wages actually paid to a student. The amount of the reimbursement will be calculated to result in an equal share of the cost being borne by the employer and the Authority.
The Authority provides assistance on a reimbursement basis for every two dollars of wages earned by the student, one dollar paid by the business is matched by one dollar from the Authority.
For more program information about awards, reimbursement and how to apply, click here>>. If you have questions about the program, please contact internships@iowaEDA.com.