WASHINGTON- Senator Chuck Grassley today announced that the U.S. Department of Agriculture, Office of Rural Development has awarded loans totaling $1,379,000 grants totaling $600,000 to Iowa through the Rural Economic Development Loan and Grant Program.

“This money will help create jobs for Iowans and stimulate economic growth in these rural communities,” Grassley said.

The Rural Economic Development Loan and Grant Program provides loans and grants to rural utilities program borrowers, who in turn lend the money to help complete economic development projects.

The loan and grant funds from the Office of Rural Development will be distributed as shown below.

v  Algona Municipal Utilities will receive a $300,000 grant to help fund capital improvements at the Algona Family YMCA. This project should create 11 jobs.

v  Central Iowa Power Cooperative in Cedar Rapids will receive a $700,000 loan to help K&L Foods open a grocery store in Cascade. Cascade has been without a grocery store for more than two years. This project will provide Cascade with a much-needed grocery store and it should create seven full time jobs and twelve part time jobs.

v  Grundy County Rural Electric Cooperative in Grundy Center will receive a $454,000 loan to help construct a 6,200 square foot building for a satellite campus for Hawkeye Community College. This project should allow Hawkeye Community College to create two jobs, retain 383 existing full time employees and expand its programming to meet the needs of three rural K-12 school districts.

v  Rock Rapids Municipal Utilities will receive a $300,000 grant to help build a shell building.

v  Heartland Power Cooperative in Thompson will receive a $225,000 loan to help purchase machinery and equipment for a new custom poultry processing and packaging facility in Stacyville. This project should create 15 full time jobs and 5 seasonal jobs.