IDED assists with $50,000 forgivable loan
Canola oil will be produced in Cherokee this fall, when the only canola crushing plant in Iowa will begin operation, according to Mark Schuett, who along with his wife, Julie, owns American Natural Soy.
They also own Iowla Limited, the company that will be producing canola oil for distribution throughout the United States. Iowla was approved this week for an Iowa Department of Economic Development grant, in the form of a $50,000 forgivable loan, to assist with the cost of creating the canola plant. The new plant will be located next to the American Natural Soy plant where oil is extracted from soybeans and from flax.
The oil from canola is regarded as healthier than other food oils. Besides the edible oil, a byproduct of the canola extraction process is feed grade meal.
Schuett noted that this plant will offer another rotation option for area farmers who grow organically.
There will be additional workers employed at the oil extraction complex located at an industrial park along Highway 59 at the southern end of Cherokee.
The plant will be able to process 150 tons of canola grain a day.