WASHINGTON, D.C. -- Iowa Senator Tom Harkin recently announced that two rural Iowa businesses have been approved for loan guarantees totaling $4,777,379.
Schoon Construction of Cherokee and Northern Iowa Die Casting of Lake Park will use these funds to strengthen their business and keep jobs in Iowa.
The funds are being provided through the U.S. Department of Agriculture Rural Development's Business and Industry Guaranteed Loan Program and were funded in the American Recovery and Reinvestment Act of 2009. Harkin worked to secure these funds through his role as a senior member of the Appropriations Committee, which wrote the Recovery Act.
"In order for Iowa's economy to grow and keep jobs in our state, we must support our local businesses," said Harkin. "Today's loans will allow these Iowa companies to remain strong, add to the local economy's tax base and keep jobs in our state."
The details of the loans are as follows:
Schoon Construction in Cherokee has been guaranteed a loan of $3,325,000. The company earns most of its income from trenching and installing utility and fiber optic lines, as well as installing farm tile, trucking and warehousing. Today's funding will help the company to grow, in addition to saving an estimated 61 jobs.
Northern Iowa Die Casting in Lake Park (Dickinson County) has been guaranteed a loan of $1,452,379. The company manufactures parts for a number of agricultural, commercial and recreational equipment manufacturers. Today's funding will strengthen the company and save an estimated 82 jobs.