Iowa gives loan and tax incentives to chemical facility for biodiesel ingredient

In Iowa, the state’s Economic Development Authority has approved $128,000 in loans and $402,000 in tax incentives for New Heaven Chemical, a subsidiary of TSS Group in India, to build a sodium methylate plant whose products will be used in biodiesel production. If the company achieves its goals, which include creating 16 jobs paying at least $14.79 an hour, half of the loan doesn’t have to be paid back. Worth County gave a $30,000 cash incentive to locate the facility there and the project is waiting for a $5 million loan guarantee from the USDA.