USDA Grant Awarded to Iowa Falls
Courtesy of Times Citizen
Agriculture Secretary Tom Vilsack recently announced the award of $31 million in loans and grants for organizations in 12 states to promote rural economic development.
“These infrastructure investments will help rural residents start or expand businesses,” Vilsack said. The funding is being provided through USDA’s Rural Economic Development Loan and Grant (REDLG) program.
Among the recipients are Midland Power Cooperative and Corn Belt Power Cooperative. Midland received a loan for $319,880 and Corn Belt received a grant for $300,000. The funds will be used to build a 24,000 square-foot speculative building in Iowa Fall’s Southview Industrial Park. The building will be marketed by the Iowa Falls Area Development Corporation to new or expanding business and industry.
Through the REDLG program, USDA provides zero-interest loans and grants to utilities that lend funds to local businesses and projects to create and retain employment in rural areas. These revolving loan funds broaden the program’s reach and create a multiplier effect for its impact. Eligible applicants are USDA Rural Utilities Service borrowers.
The Iowa Falls building is expected to be substantially completed by June of this year, with final completion scheduled for September. While the building is being constructed as a 24,000 square-foot facility, it can be expanded with an additional 32,000 square feet.