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IADG Secures $2.2 Million for Rural Iowa Projects Iowa Area Development Group received some welcome news from U.S. Agriculture Secretary, Tom Vilsack as he announced the selection of six Iowa rural electric cooperatives to receive over $2.2 million for rural development projects. Nationwide there were 28 rural electric and telephone companies in 11 states that will receive over $15 million in loans and grants to create or retain jobs and spur economic development in rural communities. The funding is being provided to rural utility and telephone cooperatives through USDA Rural Development's Rural Economic Development Loan and Grant program. The grants will help establish rural revolving loan funds which will be used to make low interest loans to new and expanding rural businesses to create or retain jobs in rural areas. IADG has historically presented strong development projects for USDA Rural Development funding consideration. This latest round of USDA applications was no different, as the Iowa rural electric cooperatives captured 15% of the total national award dollars for the quarter. To date IADG has helped secure over $47 million in USDA Rural Development Funding for Iowa. The following is a current list featuring those IADG members and their selected local projects. Franklin County Rural Electric Cooperative $740,000 Loan for local hospital renovation project in Hampton North West Rural Electric Cooperative $300,000 Grant for local performing arts center in Holstein Consumers Energy (GMG Community Schools) $300,000 Grant for local school building renovation Corn Belt Power Cooperative $300,000 Grant assisting the hospital renovation project in Hampton Consumers Energy (Gladbrook-Reinbeck Community School) $300,000 Grant assisting the construction of a local daycare center Iowa Lakes Electric Cooperative $290,000 Grant assisting a local rehabilitation center in Spencer _______________________________________________________________________ TOTAL: $2,230,000 The Iowa Area Development Group is the marketing and business development office for Iowa’s member-owned rural electric cooperatives and select municipal electric utilities. IADG has assisted with over 1,500 successful business expansions and start-up projects. This growth represents capital investment of more than $5.6 billion and 38,000 jobs for Iowa. The Iowa Area Development Group was established in 1985 to promote and strengthen rural Iowa development opportunities.
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