Agriculture Under Secretary for Rural Development Thomas C. Dorr announced that 13 recipients in 11 states have been selected to receive $7.4 million in loans and grants to spur economic development in local regions. Rural Development calculates that as many as 713 jobs will be created or saved as a result.

 

Iowa claimed 20% of those funds and at the same time creating or retaining nearly 360 jobs for two Iowa projects. Central Iowa Power Cooperative (CIPCO) and Lenox Municipal Utilities each were awarded $740,000 in zero interest loans for local projects. CIPCO will assist the financial package for Arkansas based, River Bend Industries that will acquire the assets of a plastics plant near Victor. The overall project will help create 300 new jobs as part of River Bend’s new Iowa locations in Victor and North Liberty.      

 

Lenox Municipal Utilities successfully obtained a $740,000 zero interest loan for Cox Manufacturing Company as part of a community based incentive package for an expansion project in Lenox, Iowa.   The company has outgrown their existing facility in Lenox and needed a larger space for their manufacturing of agriculture fertilizer spreading equipment and other ag spraying products.    The 30,000 sq.ft. expansion project will retain 37 people and create 20 new jobs for the Taylor County Region in southwest Iowa.    

“These funds support rural communities as they seek to build stronger local economies,”

Dorr said.  

 

Iowa Area Development Group is honored to have assisted CIPCO and the Lenox Municipal Utilities with the USDA funding applications for these important rural Iowa projects.