Significant Economic Boost as Iowa Development Board Funds Multiple Projects
January 17, 2025 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) Board has approved substantial financial awards for various enterprises across the state, aiming to invigorate local economies and stimulate job creation. The decision is expected to generate 410 new jobs and catalyze over $263.2 million in fresh capital investment.
Two manufacturing giants, located in Newton and Waterloo, are the primary recipients, alongside three innovation companies based in Coralville, Des Moines, and Washington. The Community Attraction and Tourism (CAT) program also funded ventures in Cedar Rapids and Le Grand, while the University of Iowa received a grant for its biomanufacturing facility.
TPI Composites Plans Major Upgrades in Newton
TPI Composites, Inc., a leader in wind turbine blade manufacturing, is set to rejuvenate its operations in Newton after halting production in 2021. With plans for equipment and technology updates, the project involves a $3.2 million capital investment and has been granted a $500,000 forgivable loan through the High Quality Jobs (HQJ) program. This initiative is anticipated to create 320 jobs with a qualifying wage of $23.81 per hour.
International Paper to Establish New Facility in Waterloo
International Paper, known for renewable packaging and cellulose fibers, is expanding its presence in Iowa by constructing a 900,000-square-foot facility in Waterloo. This $260 million investment is expected to generate 90 jobs at a wage of at least $23.01 per hour, supported by tax benefits from the HQJ program.
Community Projects in Cedar Rapids and Le Grand Receive Funding
The Community Theatre of Cedar Rapids has been allocated $500,000 from the CAT program to enhance its historic building, aiming to boost visitor numbers by 45% annually. Meanwhile, Le Grand will use a $44,750 award to upgrade park facilities, including new playground equipment and accessible pathways, enhancing community life.
The CAT initiative supports projects enhancing recreational, cultural, educational, or entertainment facilities, crucial for improving Iowa’s quality of life.
Financial Assistance for Startups in Innovation
Reality Wave, LLC in Coralville leverages AI for evaluating academic works and has been awarded a $50,000 loan for personnel and market analysis. In Des Moines, Tumbleweed Vida, Inc. received $100,000 to refine their legacy planning software, facilitating end-of-life management.
The Technology Commercialization Committee reviews these funding recommendations before Board approval.
University of Iowa’s Biomanufacturing Expansion
The University of Iowa’s Center for Biocatalysis and Bioprocessing has secured a $1 million grant to expand its biomanufacturing capabilities, doubling fermentation capacity and supporting high-quality job creation. This grant aims to provide competitive advantages for private entities and strengthen state infrastructure.
Rural Startup Continuum Ag Benefits from Innovation Fund
Washington-based Continuum Ag, Inc. is advancing regenerative agricultural practices through its software solutions. The company received a $500,000 loan for IP development and market planning, supported by the SSBCI program’s Innovation Fund. This initiative aids entrepreneurs from concept to expansion.
For further details on the HQJ awards, view the January 2025 Awards document.
Read More Here
