IEDA Board approves assistance for three companies in Iowa, awards for service providers supporting rural entrepreneurs
For more information contact:
Ms. Kanan Kappelman
515.348.6248
Email: communications@iowaeda.com
IEDA Board approves assistance for three companies in Iowa, awards for service providers supporting rural entrepreneurs
April 21, 2023 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for three Iowa companies, which will assist in the creation of 310 jobs and result in nearly $360 million in new capital investment for the state. These projects are located in Clinton, Norwalk and Rock Valley. The board also approved grants through the Entrepreneurial Investment Award program.
Atlas Roofing to construct new facility in Clinton
Atlas Roofing Corporation’s 33 North American facilities manufacture products across four major divisions: shingles and underlayments, molded products, roof and wall insulation, and web technologies. The company plans to construct a 440,000-square-foot asphalt shingle plant on 148 acres in Clinton. The project represents a $212 million capital investment and is expected to create 117 jobs incented at a qualifying wage of $19.57 per hour. The board awarded tax benefits and a $750,000 forgivable loan through the High Quality Jobs (HQJ) program.
Michael Foods to increase capacity in Norwalk
A subsidiary of Michael Foods, Inc., M.G. Waldbaum Company is the nation’s largest processor of value-added eggs. The company plans to add 132,000 square feet and acquire machinery and equipment to increase capacity at their Norwalk facility. The project is expected to create 186 jobs, of which 25 are incented at a qualifying wage of $30.38 per hour. It represents a capital investment of $146 million and the board awarded tax benefits through the HQJ program.
Valley Plating to expand Rock Valley facility
Valley Plating, Inc. is a zinc electroplating producer that offers metal finishes to customers that include Harley Davidson, John Deere and others in Iowa, South Dakota and Minnesota. The company plans to expand their facility in Rock Valley by 16,000 square feet to install an anodizing line for aluminum products. The project represents a nearly $1.9 million capital investment and was awarded tax benefits through the HQJ program. It is expected to create seven jobs, of which three are incented at a qualifying wage of $23.57 per hour.
Grants awarded to two initiatives supporting rural Iowa entrepreneurs
The Entrepreneurial Investment Award (EIA) program provides financial assistance to service providers that offer technical and financial assistance to entrepreneurs and startup companies seeking to create, locate or expand a business in Iowa. The award is in the form of a grant through a competitive application process.
Hub712, coordinated by Carroll County Growth Partnership, provides a centralized space to offer rural Iowans a variety of business services and resources in the west central Iowa region. Entrepreneurs will have access resource providers, co-working space, startup business services, a prototype lab, succession planning and more. Hub712 was awarded a $200,000 grant from the EIA program to support startup costs for the first year, including outreach, contract specialists and personnel.
Morningside University, collaborating with Iowa’s West Coast Initiative, Siouxland Economic Development Corporation and Drake University, created a partnership to support rural entrepreneurial growth in the Siouxland region through technical assistance, education and community-centered mentoring. The program aims to serve socially and economically underserved individuals, immigrant and refugee populations, young entrepreneurs and others that might lack access to the resources and professional networks for success. Morningside University was awarded a $360,650 grant from the EIA program to be used over two years for personnel, outreach, mentoring and supplies, with year two funding contingent upon year one contract completion.
Award recommendations for these funds are made by the EIA Review Committee to the IEDA Board for approval.# # #
Download a spreadsheet with today's awards here.
