U.S. Department of Agriculture (USDA) Rural Development Deputy State Director in Iowa Henry Kummerer today announced that the Agency is investing in six projects in Iowa including three loans totaling $3,000,000 and three grants totaling $683,333. Five of the projects support small business expansion and one project will improve fire and emergency service.
“Throughout the state, cooperatives help unleash innovation and entrepreneurship by passing along project financing to small businesses and ag producers with funds from USDA programs,” said Kummerer. “Under the leadership of the Trump Administration, USDA is continuing to partner with co-ops to support job creation and to promote economic development in rural Iowa.”
The funding was made through the Rural Economic Development Loan and Grant program.
-Central Iowa Power Cooperative received a $1,000,000 loan to fund a pass-through loan to Industrial Hardfacing Inc., a company located in Lamoni which manufactures custom parts for rendering, meatpacking, oil seed and the pet food industry. This project will fund building expansion and equipment purchases. The project is expected to create six jobs and promote rural economic development in Decatur County and surrounding areas.
Source : usda.gov