September 16, 2022
For more information please contact:
Mrs. Kanaan Kapelman
The IEDA Board of Directors agrees to provide assistance to two founders and four start-ups in Iowa
September 16, 2022 (Des Moines, IA) — The Board of Directors of the Iowa Economic Development Authority (IEDA) today approved awards for two companies, which will help create 133 jobs and will result in nearly $24 million in new capital investment for the state. These projects are located in Cedar Rapids and Mason City. The board also approved innovation funding to support four start-ups located in Ames, Brighton, Clive and Wayland.
GRS Pharma Expands Its Cedar Rapids Facility
JRS Pharma LP is a world-leading manufacturer of pharmaceutical excipients, providing a wide range of inactive ingredients, including binders, super-dispersants, thickeners and stabilizers. Cedar Rapids’ facility 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 production line. The project represents a capital investment of $18 million and is expected to create 18 realized jobs at a qualified wage of $24.20 per hour. The Board of Directors has granted the company tax benefits through the High Quality Jobs (HQJ) program.
Iveco begins operations in Mason City
EVCO Holdings, LLC is a new company that makes 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 its manufacturing operations. The Board of Directors granted this project a waived loan and tax benefits of $300,000 through the HQJ Program. It represents a capital investment of $6 million and is expected to create 115 freed positions at a qualified wage of $19.83 per hour.
Awards were given to four startups
based in Ames Janas Materials, Inc. Develops a sustainable paint industry technology 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 has secured a $25,000 Proof of Business Relevance (POCR) loan to develop and evaluate intellectual property, proof-of-concept and product improvement.
the agenda. period, Inc., which does business in Brighton, has created an app to better understand the four phases of an individual’s menstrual cycle. The planning and educational resource system is designed to help improve health and productivity. The company obtained a loan of $25,000 for product improvement, market planning and entry activities.
Stagerie, Inc. Clive has created a platform that brings together real estate agents, homeowners, and coaches in one portal for a personalized step-by-step consultation. The portal is a convenient and cost-effective tool to jump-start the home sale process. The company has secured a $100,000 pilot fund loan for market planning, entry activities and key personnel.
Wayland ChopLocal, Inc. It provides an alternative meat supply chain through an online marketplace that connects consumers with butcher shops, meat processors and farmers. With more consumers buying meat online, it is difficult for small operations to provide this feature, so the platform provides suppliers with easy access to create an online storefront, manage orders, and organize information. The company has secured a $100,000 pilot fund loan for market planning, entry activities and key personnel.
Award recommendations for these funds are submitted by the Technology Marketing Committee to the IEDA Board of Directors for approval.
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Download today’s award spreadsheet: iowaeda.com/UserDocs/sept22awards.pdf