In the latest round of Iowa Economic Development Authority (IEDA) Board assistance, Cedar Rapids-based Cavergence was awarded a $50,000 Proof of Commercial Relevance (POCR) loan.
The loan will help Cavergence with conducting marketing and customer analysis, product refinement, market planning and entry activities and equipment, according to a release.
Cavergence develops software for construction project management.
The software “acts as an electronic assistant, highlights what is coming up, what’s falling behind and performance metrics,” according to a description on its website. It also includes an accountability tracker, gives clients access to all documents and allows multiple contract types and project deliveries.
The IEDA approved the tax incentive package supporting International Paper’s $103 milion expansion of its Cedar Rapids plant in the last round as well.