WASHINGTON - Chuck Grassley today said that the U.S. Department of Agriculture, Office of Rural Development has awarded eight grants totaling $3,040,000 to Iowa through the Rural Economic Development Loan and Grant Program.
“Local communities applied for these competitively awarded grants to help create and retain jobs for Iowans and promote economic growth in their areas,” 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 Office of Rural Development will distribute the funds as shown below organized alphabetically by town.
•Citizens Mutual Telephone Cooperative in Bloomfield will receive a $300,000 grant in order to loan the money to the Davis County Hospital for their expansion and equipment upgrade. This project should create five jobs and retain 54 jobs.
•Southern Iowa Electric Cooperative in Bloomfield will receive a $300,000 grant in order to loan the money to the Davis County Community School District to construct the high school and upgrade equipment. This project should create two jobs and retain 174 jobs.
•Iowa Lakes Electric Cooperative in Estherville will receive a $300,000 grant to enhance an existing revolving loan fund to help Spencer Industries Foundation construct a community shell building in Spencer.
•Grundy County Rural Electric Cooperative in Grundy Center will receive a $740,000 loan to help construct a 15,000 square-foot tilt-up concrete facility to be used as a data center. The loan will be for 10 years at zero percent interest.
•Northwest Telephone Cooperative Association in Havelock will receive a $500,000 loan to help expand Country Maid, Inc. in West Bend. This project should create 19 new jobs and retain 10 jobs. The loan will be for 10 years at zero percent interest.
•Corn Belt Power Cooperative in Humboldt will receive a $300,000 grant to help fund a public infrastructure project to facilitate an immediate business expansion in West Bend. This project should create 19 jobs and retain 10 jobs.
•Independence Light & Power in Independence will receive a $300,000 grant to establish a revolving loan fund. The first loan will help purchase equipment for the Buchanan County Health Center.
•Consumers Energy in Marshalltown will receive a $300,000 grant to help finance the construction of a daycare facility in Gladbrook. This project should create two jobs and retain 116 jobs.
Each year, thousands of local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants and loans from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity.