Investment goes to PlantBased Innovations LLC to Purchase Plant in Chickasaw County
U.S. Department of Agriculture (USDA) Rural Development State Director in Iowa Theresa Greenfield today announced that USDA is investing $11,712,000 in a loan to PlantBased Innovations LLC. The company will use funding from the Food Supply Chain Guaranteed Loan program to purchase a plant in Fredericksburg, Iowa. This investment will help create new and better markets for agricultural producers and food businesses in Iowa.
“Iowans are looking for sustainable sources of food and employment to support themselves and their families,” said Director Greenfield. “This investment announced today demonstrates how the Biden-Harris Administration is moving to build a more secure food chain, one where businesses can connect with new markets and where they can create good-paying jobs in our rural Iowa neighborhoods.”
PlantBased Innovations LLC manufactures plant-based yogurts and will expand their offerings with the loan. This project funding will be used to purchase real estate, buy equipment, support working capital and refinancing existing debt. The project is expected to create 50 jobs.
Background
Today’s news is part of a larger announcement. USDA is making investments worth $320 million to strengthen food supply chains and create more opportunities for producers and entrepreneurs in 19 states: Alabama, California, Connecticut, Iowa, Idaho, Kentucky, Massachusetts, Michigan, Minnesota, Montana, North Carolina, North Dakota, New Hampshire, New York, Ohio, Oklahoma, Pennsylvania, Texas and Virginia.
The Food Supply Chain Guaranteed Loan program supports new investments in infrastructure for food aggregation, processing, manufacturing, storage, transportation, wholesaling and distribution to increase capacity and create a more resilient, diverse and secure U.S. food supply chain. This program is authorized under Section 1001 of the American Rescue Plan Act.
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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USDA is an equal opportunity provider, employer and lender.