~ SSBCI funding awarded to imaging intelligence company ~
The Iowa Economic Development Authority (IEDA) Board approved awards for four companies, which will assist in the creation of 226 jobs and result in nearly $45 million in new capital investment for the state. These projects are located in Eldridge, Nevada, Osage and Story City. The board also approved innovation funding in support of five startups located in Ames, Cedar Rapids, Denison and Slater. Earlier this week, IEDA approved assistance from Iowa’s State Small Business Credit Initiative (SSBCI) for an innovation startup in Coralville.
RILCO to relocate HQ from Illinois to Iowa
RILCO, Inc. is a large lubricant distributor and industrial service provider and has also developed its own proprietary brands of lubricants, antifreeze and greases under the Tec-Guard and Tec-Kool brands. Its products are sold and distributed to industrial, agricultural, construction and retail customers. The company plans to relocate its corporate headquarters from Illinois to an available building in Eldridge. The project involves a 58,000-square-foot building expansion and improvement and represents a $2.6 million qualified capital investment. RILCO expects to create 81 jobs, of which 31 are incented at a qualifying wage of $27.56 per hour. The board awarded the company tax benefits through the High Quality Jobs (HQJ) program.
Nevada manufacturer to expand corporate headquarters
Mid-States Material Handling and Fabrication, Inc. provides metal manufacturing and fabrication primarily in the agriculture sector with grain material handling systems and structural support metal towers and catwalks. It also serves the commercial building industry with stairs, balconies and other customized metal fabrication. The company plans to expand their corporate headquarters in Nevada with additional office space, manufacturing space and will also invest in manufacturing equipment. The project is expected to create nine jobs, of which one is incented at a qualifying wage of $29.47 per hour. The board awarded the $3.5 million capital investment project tax benefits through the HQJ program.
A to Z Drying to expand footprint in Osage
A to Z Drying, Inc. has been in operation for 50 years offering custom spray drying, blending, packaging and warehousing. The company plans to expand its footprint in Osage for the installation of new high-capacity equipment to support its growth. The board awarded the project tax benefits through the HQJ program, which is expected to create 16 jobs, of which nine are incented at a qualifying wage of $24.91 per hour. The project represents a capital investment of $23.3 million.
M.H. Eby to expand Story City facility for continued growth
Founded in 1938, M.H. Eby, Inc. has evolved over the years into an industry-leading manufacturer of aluminum truck bodies and livestock haulers. With a previous expansion, they added manufacturing capabilities for livestock and semi-trailers. The company plans to expand their Story City facility by an additional 100,000 square feet to support the growth of its business. The board awarded the project tax benefits through the HQJ program. This $15.4 million capital investment is expected to create 120 jobs, of which 13 are incented at a qualifying wage of $30.07 per hour.
Awards made to five startups
Coltie, Inc., founded in Ames, is a social network and mobile app created to equitably pair prospective students with faculty in graduate programs. Using AI, the app considers factors that contribute to student success combined with faculty performance ratings from their companion website ratemygradadvisor.com to connect both parties. The company was awarded a $50,000 Proof of Commercial Relevance (POCR) loan for product refinement.
Ames-based Janas Materials, Inc. develops sustainable technology for the coating industry that improves the appearance and application of wood stains. The additive is for water-based stains to achieve the same quality as oil-based stains, but as a more environmentally friendly alternative. The company was awarded a $100,000 Demonstration Fund loan for product refinement, key personnel and equipment.
Primary Assembly, LLC in Cedar Rapids developed software that processes real-time brainwave data and transforms it into music. What was once created for an art project is now considered for its consistent and reliable results in healthtech. The neurotherapy industry is testing it for effective trauma integration and healing for PTSD patients. The company was awarded a $50,000 POCR loan for key personnel.
MOD Advisor, Inc., headquartered in Denison, automates the process of performing workers’ compensation experience mod analysis. This software helps businesses make an instant decision on claims with a more efficient and simplified real-time analysis between policyholder, broker and carrier. The company was awarded a $100,000 Demonstration Fund loan for IP development and evaluation, proof of concept work, product refinement, key personnel and market planning and entry activities.
Slater’s GW Nutrition, Inc. developed technology to improve the acceptance of food ingredients. The patent pending CleanSenseTM technology uses a proprietary light delivery system to reduce microbial contamination while also moderating the sensory characteristics (i.e., color, flavor and odor) of alternative proteins. The company was awarded a $50,000 POCR loan for proof of concept work, product refinement, key personnel, equipment and market planning and entry activities.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
SSBCI award made to VIDA Diagnostics
VIDA Diagnostics, Inc. is a clinical imaging intelligence company headquartered in Coralville. The web-based VIDA Intelligence Platform manages all aspects of trial imaging and powers their comprehensive digital biomarker solutions that accelerate the approval and adoption of lifesaving treatments. The company was awarded a $1 million Innovation Acceleration Expansion Fund loan for IP development and evaluation, proof of concept work, product refinement, key personnel, equipment and market planning and entry activities.
The SSBCI program’s Innovation Fund increases assistance available through Iowa’s innovation continuum to support entrepreneurs through concept, launch and expansion. Award recommendations for these funds are made by the SSBCI Review Committee to the IEDA director for approval. The committee met on July 18, 2023, to review eligible applications.
Download a spreadsheet with today’s awards here.
For more information contact:
Ms. Kanan Kappelman
515.348.6248
communications@iowaeda.com
