FOR IMMEDIATE RELEASE
DATE: June 24, 2020
CONTACT: Cheri Monahanfirstname.lastname@example.org
CONTACT: Kerry Koonceemail@example.com
DeWitt, IA - Central Iowa Power Cooperative (CIPCO) closed on a $2,000,000 loan with Kunau Implement on Wednesday June 24. The funds will assist in the expansion of the current facility, which will be done in phases to minimize workflow disruption for employees and maintain the ability of Kunau staff to effectively serve the needs of their customers. The expansion includes a state of the art service shop with overhead gantry crane, a wash bay, new shipping and receiving area, new restrooms, locker rooms and breakroom, renovation to the parts room, a new conference/training room and showroom. The significant investment in their facilities will help support their expanding workforce and potentially add up to eight more employees in the next three years.
“Supporting economic and community development in the areas served by our member electric cooperatives is critical to long-term growth,” stated CIPCO CEO Bill Cherrier. “The Rural Economic Development Loan and Grant program provides CIPCO with resources to ensure our communities are vital economic engines for the future.”
The CIPCO loan was funded through USDA’s Rural Economic Development Loan and Grant program (REDLG). This program provides zero-interest loans to rural utility providers who in turn re-lend the money at zero interest to local businesses. It is a nationally competitive program and CIPCO’s economic development partner, Iowa Area Development Group (IADG) assists in the application process. CIPCO and their member cooperatives utilize the REDLG program as one of the economic development tools to promote community development, economic growth, and help create and retain jobs in rural Iowa.