WASHINGTON- Senator Chuck Grassley today announced that the U.S. Department of Agriculture, Office of Rural Development has awarded competitive loans and grants totaling $15,018,720 to Iowa through the Rural Economic Development Loan and Grant Program.
"This money will help create jobs for Iowans and stimulate economic growth in these rural communities," Grassley said.
The Rural Economic Development Loan and Grant Program provides loans and grants to rural utility and telephone cooperatives, who in turn re-lend the loan funds to local businesses to create or retain jobs in rural areas.
The loan and grant funds from the Office of Rural Development will be distributed as shown below.
· Iowa Lakes Electric Cooperative in Estherville will receive a $290,000 grant to help expand the Iowa Lakes Revolving Loan Plan to provide funds to Sunshine Services to assist with the purchase and renovation of an industrial building in Spencer. Sunshine Services provides work services for 73 disabled individuals. This project is expected to create two jobs and retain thirty-three jobs.
· Franklin County Rural Electric Cooperative in Hampton will receive a $740,000 loan to help construct a 15,874 square foot addition to the hospital and a renovation of the existing facility. This project is expected to create 4 jobs. The loan will be at zero percent interest for 10 years.
· Corn Belt Power Cooperative in Humboldt will receive a $300,000 grant to help construct a 15,874 square foot addition to the hospital and a renovation of the existing facility.
· Consumers Energy in Marshalltown will receive a $300,000 grant to help construct a daycare facility in Reinbeck. This project is expected to create eight jobs.
· Consumers Energy in Marshalltown will receive a $300,000 grant to help finance high school renovations and an addition to the school in Garwin. This project is expected to create one job.
· North West Rural Electric Cooperative in Orange City will receive a $300,000 grant to help construct a Center for Performing Arts as an addition to the high school facility in Holstein. This project is expected to create three jobs.