September 16, 2022
For more information contact:
Ms. Kanan Kappelman
Email: [email protected]
IEDA Board Approves Aid to Two Established Companies and Four Startups in Iowa
September 16, 2022 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board of Directors approved awards for two companies that will help create 133 jobs and result in nearly $24 million in new capital investments for the state. These projects are located in Cedar Rapids and Mason City. The board also approved innovation funding in support of four startups located in Ames, Brighton, Clive and Wayland.
JRS Pharma to expand facilities in Cedar Rapids
A world leader in the pharmaceutical excipient industry, JRS Pharma LP provides a wide range of inactive ingredients, including binders, super disintegrants, thickeners and stabilizers. The Cedar Rapids plant produces microcrystalline cellulose (MCC) for the pharmaceutical industry. The company plans to expand the facility by 9,000 square feet to increase capacity and add a new product line. The project represents a capital investment of $18 million and is expected to create 18 incentivized jobs at an hourly wage of $24.20. The Board of Directors has granted tax benefits to the company under the High Quality Jobs (HQJ) program.
EVCO to begin operations in Mason City
EVCO Holdings, LLC is a new company that manufactures Street Rod EV golf carts and other electric recreational vehicles with plans to manufacture electric vehicle (EV) components. The company plans to purchase a 90,000 square foot building in Mason City and make improvements to accommodate manufacturing operations. The council granted this project a forgivable loan of $300,000 and tax benefits under the HQJ program. It represents a capital investment of $6 million and is expected to create 115 incentivized jobs at an hourly wage of $19.83.
Prizes awarded to four startups
Based on Ames Janas Materials, Inc. develops sustainable technology for the coatings industry that improves the appearance and application of wood stains. The additive is intended for water-based stains to achieve the same quality as oil-based stains, but as a more environmentally friendly alternative. The company secured a $25,000 proof of commercial relevance (POCR) loan for intellectual property development and evaluation, proof of concept and product enhancement.
Agenda. Period, Inc., doing business in Brighton, has created an app to better understand the four phases of an individual’s menstrual cycle. The planning system and educational resources are designed to help improve health and productivity. The company secured a $25,000 POCR loan for product refinement, market planning and entry activities.
Stagerie, Inc. of Clive has created a platform that brings real estate agents, landlords and intermediaries together in a single portal for personalized staging consultation. The portal is a practical and economical tool for staging the process of selling a house. The company secured a loan of $100,000 from the demonstration fund for market planning and entry activities and key personnel.
Wayland’s ChopLocal, Inc. provides an alternative meat supply chain through an online marketplace that connects consumers with butchers, meat processors and farmers. With more and more consumers buying meat online, it is difficult for small operations to provide this advantage. The platform therefore offers suppliers easy access to create an online storefront, manage orders and organize information. The company secured a loan of $100,000 from the demonstration fund for market planning and entry activities and key personnel.
Recommendations for the allocation of these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
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Download a spreadsheet with today’s awards: iowaeda.com/UserDocs/sept22awards.pdf