IEDA Board approves assistance for an established company, awards funding for butchery innovation and revitalization
For more information contact:
Ms. Kanan Kappelman
515.348.6248
Email: communications@iowaeda.com
IEDA Board approves assistance for an established company, awards funding for butchery innovation and revitalization
June 21, 2024 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved an award to a $5 million biomanufacturing project in Boone County. The board also approved Butchery Innovation and Revitalization program awards.
Mg Biologics to expand operations in Boone County
Mg Biologics, a biopharmaceutical company, manufactures and distributes proprietary animal treatments, including plasma, antibody products and antivenom. The company plans to expand in Boone County with the construction of two facilities and the acquisition of more than 80 acres of land. The project represents a capital investment of $5 million and is expected to create eight jobs incented at a qualifying wage of $31.27 per hour. The board awarded tax benefits through the High Quality Jobs (HQJ) program.
13 businesses receive Butchery Innovation and Revitalization funds
The Butchery Innovation and Revitalization Fund was designed to provide financial assistance in the form of grants to businesses for projects relating to small-scale meat processing, licensed custom lockers, and mobile slaughter units. For fiscal year 2024, the State of Iowa appropriated $1 million for the program. The maximum award amount is $100,000 and no more than 50% of the eligible project expenses may be paid with these grant funds.
IEDA received 18 applications, requesting more than $1.3 million. Based on program eligibility and funding, the IEDA Board awarded $970,560 to 13 applications that received the highest average score. A list of the businesses that were awarded can be found here.
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Download a spreadsheet with today's HQJ award here.
