State Director Greenfield announces additional investments in Carroll, Davis, Dubuque, Linn and Sac counties
DES MOINES, Iowa, Apr. 27, 2023 – U.S. Department of Agriculture (USDA) Rural Development State Director in Iowa Theresa Greenfield today announced that the Department is investing $8,224,000 in loans and $300,000 in a grant to promote rural economic development and job creation projects in six Iowa counties. The investments are made through the Rural Economic Development Loan and Grant Program.
“Our Rural Business programs at USDA Rural Development play an important role in driving economic development and job growth in rural Iowa,” said Director Greenfield. “The investments announced today demonstrate the Biden-Harris Administration’s commitment to expanding access to capital in order to promote good-paying jobs and uplift rural neighborhoods with expanded opportunities.”
The six projects are:
-Midland Power Cooperative received a $1,224,000 loan to fund a pass-through loan to Humboldt County Memorial Hospital. This project will use an initial loan to enable Humboldt County Memorial Hospital in Humboldt, Iowa, to expand and construct an outpatient therapy and mental health counseling clinic. The project is expected to create 15 new jobs and promote rural economic development in this rural area.
-Corn Belt Power Cooperative received a $300,000 grant to replenish an existing revolving loan fund that is administered by Corn Belt Power Cooperative. This project will use an initial loan to enable Humboldt County Memorial Hospital in Humboldt, Iowa, to expand and construct an outpatient therapy and mental health counseling clinic. The project is expected to create 15 new jobs and promote rural economic development in this rural area.
-Southern Iowa Electric Coop Inc. in Davis County received a $1,500,000 loan to fund a pass-through loan to M3 Fabrication LLC, a family-owned manufacturing facility in Bloomfield in Davis County, Iowa. The project will purchase and install fiber plate equipment. The project is expected to create four new jobs and promote economic development in Davis County and surrounding rural areas.
-Raccoon Valley Electric Cooperative in Carroll County received a $2,000,000 loan to fund a pass-through loan to Western Iowa Energy LLC in Wall Lake, Sac County, Iowa. This project will purchase new equipment to convert free fatty acids into biodiesel. Once completed, the project will promote economic development in Sac County and surrounding rural areas.
-Central Iowa Power Cooperative in Linn County received a $1,500,000 loan to help fund a pass-through loan to Opportunity Knocks Real Estate LLC/Vive IV Therapy LLC. This project will assist with the construction of a new health and wellness clinic in Peosta in Dubuque County, Iowa. The project is expected to create 15 new jobs and promote economic development.
-Corn Belt Power Cooperative in Humboldt County received a $2,000,000 loan to help fund a pass-through loan to Western Iowa Energy LLC in Wall Lake, Sac County, Iowa. This project will provide new equipment to convert free fatty acids into biodiesel. Once completed, the project will promote economic development in Sac County and surrounding rural areas.
Contact USDA Rural Development
USDA Rural Development has 11 offices across the state to serve the 1.3 million Iowans living in rural communities and areas. Office locations include a state office in Des Moines, along with area offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
To learn more about investment resources for rural areas in Iowa, call (515) 284-4663 or visit www.rd.usda.gov/ia. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural, Tribal, and high-poverty areas.
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