BOARD ACTION: IEDA Board Approves Projects From Three Established and Three Startup Companies
IEDA Board approves projects from three established and three startup companies in Iowa
Rules for new Butchery Innovation and Revitalization Fund approved
September 17, 2021 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for three established companies, which will assist in the creation of 586 jobs and result in nearly $48.8 million in new capital investment for the state. These projects are located in Dyersville, Oelwein and Williamsburg. The board also approved innovation funding in support of three startups located in Ames, Clive and Marion.
Zero Zone Refrigeration to establish business in Dyersville
A leading refrigeration manufacturer, Zero Zone Refrigeration offers refrigerated glass door display cases, multi-deck coolers and commercial refrigeration systems for the retail industry. For the industrial market, they provide refrigeration for cold storage, food processing, and biomedical facilities, as well as ice arenas. Marking their first Iowa location, the company plans to lease a newly constructed 50,000 square foot building in Dyersville to manufacture refrigerated rack systems. The project represents a capital investment of $800,000 and was awarded a $200,000 forgivable loan and tax benefits through the High Quality Jobs (HQJ) program. It is expected to create 50 jobs, of which 34 are incented at a qualifying wage of $22.63 per hour.
Transco Railway Products to increase capacity in Oelwein
Transco Railway Products, Inc. is one of the nation’s leading independent providers of freight car repair, modification and rebuilding services. In addition, they can provide a variety of contract services for customers’ railcar fleets. The company plans to purchase machinery and equipment to expand capabilities at the Oelwein facility. The project represents a capital investment of nearly $2 million and is expected to create 15 jobs at a qualifying wage of $17.78 per hour. The board awarded tax benefits through the HQJ program.
Williamsburg Manufacturing to add product line in Williamsburg
A division of leading global automotive supplier Magna International, Williamsburg Manufacturing produces numerous high quality vehicle components. The company plans to add a new product line, which involves facility upgrades and the expansion of manufacturing processes, equipment and personnel. The board awarded this $46 million capital investment project a $250,000 forgivable loan and tax benefits through the HQJ program. It is expected to create 521 jobs, of which 58 are incented at a qualifying wage of $26.92 per hour.
Awards made to three startups
Based in Ames, Farmer’s Risk is a software platform that aggregates the critical risk management components used by farmers. The software provides a simple and accessible solution for a complex and often costly decision-making process. It aggregates crop insurance choices, cash sales data, and futures and options data that farmers use and removes the barrier to making separate decisions for each component. The company was awarded a $25,000 Proof of Commercial Relevance loan for market planning/entry activities.
WINPRO of Clive produces plasma-based health products for dogs. Through research that harnesses the power of animal blood proteins, they created five products that address the most common health problems facing dogs. Utilizing the science and proprietary blend of animal blood proteins, WINPRO seeks to further treat ailments and overall wellness for dogs. The company was awarded a $250,000 Propel Fund loan for market analysis, product refinement, market planning/entry activities and key personnel.
Marion’s Member Marketplace offers e-commerce marketplace platforms for communities and their small businesses to sell online together. Connecting similar businesses, brands and products into a single online marketplace enhances customer experience, efficiency and marketing opportunities. As businesses are challenged to adopt e-commerce presences, Member Marketplace is expanding into new states across the U.S. The company was awarded a $250,000 Propel Fund loan for product refinement, market planning/entry activities and key personnel.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
Board approves rules for new Butchery Innovation and Revitalization program
The Butchery Innovation and Revitalization Fund was passed by the Iowa Legislature and signed by Governor Kim Reynolds on June 9, 2021. The authorization includes a $750,000 appropriation by the State of Iowa to be administered by IEDA. The fund will provide financial assistance in the form of matching grants to businesses for projects relating to small-scale meat processing, licensed custom lockers and mobile slaughter units.
Program rules passed by the IEDA Board today, along with a frequently asked questions document, are currently available here for interested applicants. An announcement with application details will be made next month.
# # #
Download a spreadsheet with today's awards.