The Iowa Economic Development Authority (IEDA) board awarded financial assistance to three companies for job creation and expansion projects. The awards will assist in the creation of 96 jobs, retention of nine jobs and will result in over $9.9 million in new capital investment for the state.
Hydrite Chemical Company
Hydrite Chemical Company, one of the largest manufacturers and distributors of chemical products in the U.S., plans to expand its existing Waterloo facility to increase production capacity with the assistance of board-approved tax benefits. The project is expected to create nine jobs, retain one job and represents a capital investment of $8.83 million.
Simonsen Iron Works, Inc.
The board awarded metal fabrication company Simonsen Iron Works, Inc. a $200,000 float loan that will allow the company to develop a new product focus in the skid steer attachment accessory category. The Spencer-based company, which manufactures outdoor recreational and agricultural products, is expected to create nine jobs, of which six are incented, and retain 32 jobs, five of which are incented. The project will result in a capital investment of $845,000.
Submittal Exchange
Submittal Exchange, a provider of web-based collaboration software for the commercial construction industry, was awarded $500,000 in direct financial assistance as well as tax benefits. The company will use the award to create 81 additional jobs at its West Des Moines facility to enhance its product offerings and expand its market presence. The project represents a capital investment of $289,100.