Iowa firms get share of development funding - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa firms get share of development funding

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WASHINGTON (AP) -- Two Iowa organizations will be among 23 recipients to receive more than $13.9 million in federal loans and grants to spur economic development in rural communities.

Grow Iowa Foundation in Greenfield will receive a $328,219 loan from the U.S. Agriculture Department, and the Cresco Industrial Corp. in Cresco will receive a $400,000 loan.

In a statement, Agriculture Secretary Tom Vilsack on Monday said the assistance will help create and retain jobs to build a stronger economic future for rural areas.

The money is being dispensed through the Agriculture Department's Intermediary Lending Program. The program provides loans to community-based development or regional planning groups that relend the money to local businesses to create or retain jobs by starting or expanding businesses.

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