The U.S. Department of Agriculture (USDA) has announced an investment of $11.7 million in Iowa to bolster the state's food markets. PlantBased Innovations LLC, a leading plant-based yogurt manufacturer, will receive funding through the Food Supply Chain Guaranteed Loan program to acquire a new production plant in Fredericksburg, Iowa. This initiative aims to create better market opportunities for agricultural producers and food businesses while promoting sustainability and economic growth in the region.
USDA Rural Development State Director in Iowa, Theresa Greenfield, highlighted the significance of supporting sustainable food sources and job creation for Iowans. The investment showcases the Biden-Harris Administration's commitment to building a resilient food chain that not only connects businesses with new markets but also generates well-paying jobs in rural communities across Iowa.
The loan will enable PlantBased Innovations LLC to expand its product offerings, contributing to the company's goal of manufacturing a wide range of plant-based yogurts. The funding will be utilized to acquire real estate, purchase equipment, support working capital, and refinance existing debt. With this expansion project, the company expects to create 50 new jobs, boosting local employment opportunities.
The USDA's investment in Iowa is part of a larger nationwide initiative, with a total investment of $320 million in 19 states. The Food Supply Chain Guaranteed Loan program seek to strengthen infrastructure related to food aggregation, processing, manufacturing, storage, transportation, wholesaling, and distribution. By enhancing capacity and diversifying the food supply chain, the program aims to build a more resilient, diverse, and secure food system in the United States.
In Iowa, USDA Rural Development operates 11 offices that serve the state's rural communities, catering to the needs of 1.3 million residents. These offices offer a range of resources and support for economic development, infrastructure improvements, business growth, housing, community facilities, and broadband connectivity in rural, Tribal, and high-poverty areas.
The Biden-Harris Administration remains committed to expanding economic opportunities, creating jobs, and improving the quality of life for rural Americans. The USDA's investments in rural development play a crucial role in achieving these goals, driving progress and prosperity in communities across the country.
For more information on investment resources for rural areas in Iowa, individuals can contact USDA Rural Development at (515) 284-4663.
Photo Credit: GettyImages-valentinrussanov
Categories: Iowa, Business, Rural Lifestyle, Sustainable Agriculture