Iowa Economic Development Authority Approves Funding for Job Creation

Economic Development Boosts Iowa with Over 400 New Jobs and Major Investments

In a significant move to bolster Iowa's economy, the Iowa Economic Development Authority (IEDA) Board has announced substantial funding awards to manufacturing and innovation companies across the state. This initiative is set to generate 410 jobs and attract more than $263.2 million in new capital investments, marking a pivotal moment for local economic growth.

Revitalization of Newton's TPI Composites Facility

TPI Composites, Inc., renowned for producing wind turbine blades, is making strides to rejuvenate its Newton facility. After halting operations in 2021, the company plans to invest $3.2 million in renovations and technology upgrades. This revival is expected to create 320 jobs, with wages starting at $23.81 per hour, backed by a $500,000 forgivable loan from the High Quality Jobs (HQJ) program.

International Paper's Expansion in Waterloo

International Paper, a leader in renewable packaging, is set to enhance its presence in Iowa by constructing a massive 900,000-square-foot facility in Waterloo. This project, valued at $260 million, aims to generate 90 new jobs with a minimum wage of $23.01 per hour. The company will receive tax benefits through the HQJ program to support this venture.

Community Projects in Cedar Rapids and Le Grand

Community development receives a boost as the Community Theatre of Cedar Rapids secures $500,000 through the Community Attraction and Tourism (CAT) program. This funding will aid the renovation of its historic building, enhancing classroom and rehearsal spaces and boosting visitor numbers by 45% annually.

Meanwhile, the City of Le Grand will receive $44,750 to enhance local parks, including new playground equipment, pickleball courts, and accessible pathways. These enhancements aim to benefit the community and complement nearby housing developments.

Support for Innovative Startups

Coralville-based Reality Wave, LLC, which uses artificial intelligence to evaluate academic manuscripts, was granted a $50,000 loan for market analysis and personnel. Similarly, Tumbleweed Vida, Inc. from Des Moines, dedicated to end-of-life planning software, received a $100,000 loan to refine their product and enter new markets.

University of Iowa's Biomanufacturing Expansion

The University of Iowa's Center for Biocatalysis and Bioprocessing has been awarded over $1 million to expand its biomanufacturing capabilities. This expansion will double the pilot-scale fermentation capacity, offering enhanced services to industrial and academic partners, while supporting job creation and student training.

Rural Innovation with Continuum Ag

Continuum Ag, Inc., based in Washington, is set to advance its regenerative agricultural technologies with a $500,000 loan from the SSBCI Innovation Fund. Their TopSoil platform offers farmers data-driven solutions to improve soil health and profitability.

These strategic investments and grants are a testament to Iowa's commitment to fostering economic growth and innovation across various sectors. For detailed information on the HQJ awards, download the spreadsheet here.