ELPLAST awarded $2 million USDA Rural Economic Development Loan
Loan Application Sponsored by Central Iowa Power Cooperative
April 1, 2015
FOR IMMEDIATE RELEASE
Marion, IA – ELPLAST America Inc. has been awarded a $2 million USDA Pass-Through Loan to aid in the construction of their new 32,000 sq. ft. facility in the Marion Enterprise Center. United States Secretary of Agriculture Tom Vilsack announced the award as a part of a total of $31 million in loans and grants for organizations in 12 states to promote rural economic development. The ELPLAST loan application was sponsored by the Central Iowa Power Cooperative (CIPCO) as the company will be served by CIPCO member, Linn County Rural Electric Cooperative.
Cheri Popp, CIPCO Business Development Manager, shared, “This program is one tool CIPCO utilizes to prospective power customers in property location and was a big factor in ELPLAST’s decision to choose Marion.” She continued, “It also aides in our mission of improving quality of life for Iowans by contributing to long-term improvement in local economies and job creation.”
“This loan is an example of the valuable partnerships that MEDCO leverages to drive economic development and collaboration that grows Marion,” Nick Glew, MEDCO President stated. “We are thrilled that ELPLAST has chosen to be among the first companies to build in the Marion Enterprise Center and we look forward to their continued growth in the community.”
ELPLAST is a plastics manufacturer of zipper enclosures for the food, pet food and pharmaceutical industries. The product is currently manufactured in Zory, Poland and stored in regional warehouses to support North American sales, which have grown from $100,000 to over $3 million. Larger customers that ELPLAST serves require manufacturing to be in the United States in order to award contracts.
Through the Rural Economic Development Loan & Grant Program, USDA provides zero-interest loans and grants to utilities that lend funds to local businesses for projects to create and retain employment in rural areas. Eligible applicants are USDA Rural Utilities Service borrowers.
The mission of the Marion Economic Development Company is to coordinate economic development activities by working to retain and expand the existing business base while encouraging new industrial and commercial endeavors that benefit Marion
Chad Heiman, MEDCO