CIPCO Supports Lamoni Development Corp. and Freedom Racing
|Around the table from left: Cheri Popp, Central Iowa Power Cooperative;
Sue Cosner, Iowa Area Development Group; Tad Whittom, Freedom Racing; Justin Akers, Lamoni Development Corp.; Rick Lindgren, Lamoni Development Corp.; and John Henderson, Lamoni Development Corp.
FOR IMMEDIATE RELEASE
DATE: December 18, 2015
CONTACT: Cheri Popp
PHONE/EMAIL: (319) 366-4512, ext. 4357 email@example.com
LAMONI, IA – Central Iowa Power Cooperative (CIPCO) closed on a $221,950 loan with the Lamoni Development Corporation (LDC) to support the construction of a 9,000 square foot building which will be leased to Freedom Racing Tool and Die LLC. The company is an e-commerce business selling new and pre-owned automotive specialty tools. Freedom Racing has currently outgrown their existing building due to rapid growth since 2012.
“CIPCO is committed to supporting the communities we serve,” stated CEO Dennis Murdock. “Supporting the growth of a local company is the cornerstone of our economic development efforts.”
Freedom Racing was formed in 2010 and has witnessed an impressive growth in sales. The company had begun looking for a new location, including outside of Iowa. After Missouri presented an aggressive proposal to the company to move, the Lamoni Development Corporation stepped in to create a package that would allow Freedom Racing to remain in Lamoni and grow. Along with the loan obtained by LDC through CIPCO, additional funding for the project has been provided by the Ripple Effect Program and GRM Networks.