USDA Invests $12.6 Million in Rural Iowa Cooperatives

By Andi Anderson

USDA is investing $12.6 million in loans and grants to nine rural Iowa projects to spur economic development and catalyze rural prosperity through rural cooperatives. This investment is part of a larger national announcement detailing $1.2 billion in support for projects in rural America.

The projects will create new jobs, expand businesses, and improve infrastructure in rural communities across the state. They include:

• $300,000 to Chariton Valley Electric Cooperative Inc. to help replenish a revolving loan fund. This project will provide financing to expand the Monroe County Hospital in Albia.
• $2,000,000 to Chariton Valley Electric Cooperative Inc. to fund a pass-through loan to Sedes Group LLC to purchase and install equipment for a startup business. This project will help develop animal feed and human-grade consumption products using organic and non-GMO soybeans.
• $208,000 to North West Rural Electric Cooperative to help fund a pass-through loan to the city of Hawarden for vehicles and equipment. This project will purchase a fire truck, a ladder truck, and response equipment for the city's fire department.
• $2,000,000 to Butler County Rural Electric Cooperative to fund a pass-through loan to PlantBased Innovations LLC. This project will enable the food-manufacturing business to expand operations by purchasing equipment to create new product lines.
• $1,804,000 to Butler County Rural Electric Cooperative to help fund a pass-through loan to Community Nursing Home, Inc., doing business as Clarksville Skilled Nursing and Rehabilitation Center, for facility renovations. This project will provide a new roof, a heating, ventilation and air conditioning system, a parking area, and sidewalks for the facility.
• $1,520,000 to Raccoon Valley Electric Cooperative to help fund a pass-through loan to Wernimont Welding, LLC for expansion. This project will construct a new welding shop and purchase additional equipment.
• $830,700 to Raccoon Valley Electric Cooperative to help fund a pass-through loan to Matt Meister Trucking Inc. This project will construct a facility for the business.
• $2,000,000 to Corn Belt Power Cooperative to help fund a pass-through loan to PlantBased Innovations LLC. This project will enable the food-manufacturing business to expand operations by purchasing equipment to create product lines.
• $2,000,000 to Heartland Power Cooperative to help fund a pass-through loan to A to Z Drying, Inc. This project will purchase and install drying equipment.

These projects are expected to create new jobs, spur economic development, and promote the safety and well-being of residents in rural Iowa communities.

Photo Credit: USDA