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Last Updated: Aug 22, 2008 - 12:10:50 AM |
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VICTOR - Senator Tom Harkin announced on July 24 a zero-interest loan package in the amount of $740,000 that will ultimately be used to help River Bend Industries create up to 300 new jobs at their Victor and North Liberty plants.
The rural development funding from the U.S. Department of Agriculture was awarded to Central Iowa Power (CIPCO). The money will in turn be used help River Bend Industries start operations in their two Iowa locations.
“We are very excited to receive these funds,” said River Bend General Manager Bill Collins. “We are working on some great projects and this money will help to fund future infrastructure to support [operations] at River Bend.”
According to Senator Harkin’s statement, the 300 new jobs will be particularly welcome since Iowa County was included among the counties in the declared presidential disaster area after the recent flooding.
“Counties hit hardest by the natural disasters this summer need every assistance to rebuild and at the same time, retain and add jobs,” said Harkin. "This funding will give a much-needed economic development boost to Iowa County.”
Harkin is Chairman of the Senate Committee on Agriculture, Nutrition and Forestry. The funding was administered through the Rural Economic Development Loan program.
River Bend Industries acquired the Victor and North Liberty locations of Victor Plastics in April after the management of Victor Plastics filed for Chapter 11 bankruptcy in January. River Bend is headquartered in Ft. Smith, Ark.
Central Iowa Power Cooperative (CIPCO) is a generation and transmission cooperative serving 13 rural electric cooperatives and associations in the state of Iowa.
The East Iowa Herald will provide continued coverage in the coming weeks.
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