BOARD ACTION: Board Approves Projects From Five Established and Two Startup Companies
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Ms. Kanan Kappelman, 515.348.6248
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IEDA Board approves projects from five established and two startup companies in Iowa
July 16, 2021 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for five established companies, which will assist in the creation of 407 jobs and result in nearly $132 million in new capital investment for the state. These projects are located in Fort Dodge, Knoxville, Nevada, Pella and Shenandoah. The board also approved innovation funding in support of two startups located in Des Moines and DeWitt.
Fort Dodge’s Elanco invests in infrastructure, R&D
A global animal health company, Elanco US Inc. in Fort Dodge develops, manufactures and markets products to prevent and treat disease in farm animals and pets in more than 90 countries. The company plans to expand operations with investments in machinery and equipment, as well as research and development. The project represents a capital investment of $59 million and is expected to create 26 jobs incented at a qualifying wage of $19.47 per hour. The board awarded a $2.25 million forgivable loan and tax benefits through the High Quality Jobs (HQJ) program.
Weiler increases Knoxville footprint
Headquartered in Knoxville, Weiler Inc. manufactures asphalt paving equipment. The company plans to improve existing infrastructure and increase its current footprint with the construction of a plate processing facility, which is currently outsourced. The project represents a capital investment of nearly $23 million and was awarded a $1 million in direct financial assistance as well as tax benefits through the HQJ program. It is expected to create 101 jobs, of which 72 are incented at a qualifying wage of $22.63.
ALMACO set to partner with Power Pollen on innovative product line
ALMACO designs and manufactures precision agriculture machinery used in worldwide agriculture research programs and seed production. As a partner on the development and commercialization of Power Pollen, a product designed to increase seed corn production yields, the company plans to increase its manufacturing resources and servicing team to support the efforts. ALMACO will invest in machinery and equipment, as well as research and development at their facility in Nevada. The board awarded this project a $125,000 forgivable loan and tax benefits through the HQJ program. This $850,000 capital investment project is expected to create 60 jobs, of which 34 are incented at a qualifying wage of $27.07 per hour.
Vermeer expands campus in Pella
Family owned and led, Vermeer Corporation manufactures agricultural and industrial equipment with customers in more than 80 countries. The products range from horizontal directional drills and mast pile drivers to agriculture mowers, rakes and balers. The company plans to construct a new parts distribution facility on its Pella campus and repurpose a facility for product and field training. The project is expected to create 100 jobs, of which 75 are incented at a qualifying wage of $22.62. It represents a capital investment of nearly $44 million and was awarded tax benefits through the HQJ program.
Pella Corporation expands product capacity at Shenandoah location
Pella Corporation designs, tests, manufactures, and installs quality windows and doors for new construction, remodeling and replacement applications for home and commercial markets. The company plans to consolidate the manufacturing of their popular wood window line to their Shenandoah location, which will require the purchase and installation of equipment. The board awarded this $5.6 million capital investment project a $200,000 forgivable loan through the HQJ program. It is expected to create 120 jobs incented at a qualifying wage of $20.58 per hour.
Awards made to two startups
Based in Des Moines, Gain Compliance is a software platform that assists businesses with the filing of financial reports. The software assists with the complicated, highly regulated data for NAIC (National Association of Insurance Commissioners) Statutory Filings. To overcome the limitations with the manual onboarding and support of customers and with the software to support the most complex cases, Gain Compliance plans to create automation and feature enhancements to the platform. The company was awarded a $100,000 Demonstration Fund loan for key personnel.
FarmPost Inc. of DeWitt developed a mobile app for farm labor management. The tool allows for a more efficient and cost-effective way to find, hire, communicate with and manage farm hands. It benefits farmers to connect with the local workforce and manage the hiring process all in one place, and it benefits farm hands to search available jobs. The company was awarded a $100,000 Demonstration Fund loan for product refinement, market planning/entry activities and key personnel to assist with commercialization.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
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Download a spreadsheet with today's awards.