USDA Rural Development Invests $3.6 Million to Support Small Business Projects and Improve Emergency Services in Rural Iowa
Impacts in Butler, Carroll, Decatur, and Webster counties
DES MOINES, Iowa, June 16, 2024 -- 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.
-Dumont Telephone Company, headquartered in Butler County, received a $300,000 grant to provide a loan to Erika and Thaylan Bowman DDS PLLC, doing business as White Oak Dental. This loan will help the company purchase a dental practice in Fort Dodge in Webster County. Once completed, this project is expected to promote employment, expand dental care options, and support economic development in this rural community and surrounding areas.
-Lehigh Valley Cooperative Telephone Association Inc. received a $300,000 grant to establish a revolving loan fund. This project will provide a loan to Erika and Thaylan Bowman DDS PLLC, doing business as White Oak Dental. The loan will help the company purchase a dental practice in Fort Dodge in Webster County. Once completed, this project is expected to promote employment, expand dental care options, and support economic development in this rural community and surrounding areas.
-Rockwell Cooperative Telephone Association received an $83,333 grant to establish a revolving loan fund. This project will partially finance the construction of a new fire department and emergency services facility for the Bristow Fire Department. Repayment of this loan will be used for future business and community development loans and will help spur economic development in the rural community of Bristow in Butler County as well as in surrounding areas.
-Raccoon Valley Electric Cooperative received a $1,000,000 loan to fund a pass-through loan to Iowa Corn Processors L.C. This project will replace outdated equipment and upgrade the company’s packaging line at its milling services facility in Glidden. This project is expected to create five new jobs and promote economic development in this rural Carroll County community.
-Corn Belt Power Cooperative received a $1,000,000 loan to fund a pass-through loan to Iowa Corn Processors, L.C. This project will replace outdated equipment and upgrade the company’s packaging line at its milling services facility in Glidden. This project is expected to create five new jobs and promote economic development in this rural Carroll County community.
Background
The Rural Economic Development Loan and Grant program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses for projects that will create and retain employment in rural areas.
Contact USDA Rural Development
USDA Rural Development has 11 offices across the state to serve the 1.3 million Iowans living in rural communities and areas. Office locations include a state office in Des Moines, along with area offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
To learn more about investment resources for rural areas in Iowa, call (515) 284-4663 or visit www.rd.usda.gov/ia. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.
###
USDA is an equal opportunity provider, employer and lender.
|
