Rural electric cooperatives serving Chickasaw, Butler and Winnebago counties have been approved for loans totaling almost $8 million to spur economic development and catalyze rural prosperity.
Theresa Greenfield, USDA Rural Development State Director in Iowa, announced the loans Wednesday (11.22) through the Rural Economic Development Loan and Grant program. In all, the USDA is investing over $12 million in loans and over $500,000 in grants to nine rural Iowa projects..”
Butler County Rural Electric Cooperative and Corn Belt Power Cooperative each received $2 millions loans to fund pass-through loans to PlantBased Innovations LLC. The $4 million in total loans will enable the food-manufacturing business to expand operations by purchasing equipment to create new product lines at the facility in Fredericksburg. Once completed, this project is expected to create 125 jobs and promote economic development in Chickasaw and Butler counties.
Butler County Rural Electric Cooperative also received a $1.8 million loan to help fund a pass-through loan to Clarksville Skilled Nursing and Rehabilitation Center, for facility renovations in Clarksville, including a new roof, heating, ventilation and air conditioning system, parking area, and sidewalks.
Heartland Power Cooperative received a $2 million loan to help fund a pass-through loan to A to Z Drying, Inc. This project will purchase and install drying equipment at the facility in Osage. The project will create 16 new jobs and promote economic development in Mitchell and Winnebago counties.