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Business Programs Success Stories
Iowa
Business and Industry Guaranteed Loan Programs
Outline of Need:
Borrower: Art’s Way Manufacturing Co., Inc.
Lender: West Des Moines State Bank
Guaranteed Loan Amount: $2,000,000
Project: Restructure and Refinance Debt and Working Capital
Location: Armstrong, Iowa
How Rural Development Helped:
Rural Development funds will be used to refinance/restructure existing debt, acquire equipment and working capital.
The Results:
As a result of this project, 82 jobs were saved and one business assisted.
Rural Business Enterprise Grant
Outline of Need:
Rural Development funds in the amount of $75,000 will be used to establish a revolving loan fund to assist small businesses destroyed in a natural gas explosion.
The Results:
As a result of this project, 16 jobs will be created and 2 businesses assisted.
Section 9006 Energy Grant
How Rural Development Helped:
Rural Development funds in the amount $45,540 were made available to fund purchase of renewable energy systems and make energy improvements for agricultural producers and rural small businesses. In order to be eligible for grant funds, the agricultural producer or rural small business must demonstrate financial need. This project involves constructing a Bonus 450 KW wind turbine in Charles City, Iowa.
The Results:
As a result of this project one business was assisted.
Outline of Need:
Rural Development funds in the amount of $12,250 were made available to fund purchase of renewable energy systems and make energy improvements for agricultural producers and rural small businesses. In order to be eligible for grant funds, the agricultural producer or rural small business must demonstrate financial need. The Grain Dryer Bin project will assist in the construction of a more efficient and faster grain drying system to replace the outdated facility in Okaloosa, Iowa.
The Results:
As a result of this project 1 business was assisted
Intermediary Relending Program
Outline of Need:
Borrower: Southeast Iowa Regional Planning Commission
Project: Revolving Loan Fund
Amount Awarded: $600,000
Project Service Area: Des Moines, Henry, Lee and Louisa Counties in SE Iowa
How Rural Development Helped:
Rural Development funds will be used to provide low-interest loans to public and non-profit organizations to relend for business and community development.
The Results:
As a result of this project, 200 jobs were created, 259 jobs saved and 7 businesses were assisted.
Rural Business Opportunity Grant
Outline of Need:
Project: Technical Assistance
Amount Awarded: $150,000
Project Service Area: Plymouth, Cherokee, Woodbury, Ida and Monona Counties in IA; Dixon, Dakota, and Thurston Counties in NE; Clay and Union Counties in SD
How Rural Development Helped:
Rural Development funds will be used to provide technical assistance in a small community partnership program. The project targets small communities without professional development staff to involve citizens in the planning process.
The Results:
As a result of this project, 120 jobs were created and 30 businesses assisted.
Rural Economic Development Loan Program
How Rural Development Helped:
The Co-Line Welding, Inc. project will utilize Rural Development Funds that were awarded in the amount of $450,000 to provide grants to Rural Utilities Service borrowers to provide economic development. The purpose of this pass-through zero-interest loan was to assist Co-Line Welding, Inc. located near Sully in rural Mahaska County, Iowa in the purchase of machinery and equipment.
The Results:
As a result of this project, 15 jobs will be created, 70 will be saved and 1 business will be assisted.
Rural Economic Development Grant Program
How Rural Development Helped:
Rural Development Funds in the amount of $200,000 will be used to provide grants to Rural Utilities Service borrowers to provide economic development. This project will create a new revolving loan fund which is used to make loans to ultimate recipients. The initial loan from the revolving loan fund will be used to assist Palmer Lutheran Health Center in financing construction of a homecare facility in West Union, Iowa.
The Results:
There were 30 jobs created and 1 business assisted as a result of this program.
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