USDA provides $740K loan towards new Iowa biodiesel plant

February 10, 2011 |

In Washington, Agriculture Secretary Tom Vilsack today announced the selection of 16 projects in 10 states for funding to create jobs and provide new economic opportunities. The projects are being funded through the Rural Economic Development Loan and Grant Program (REDLG), which is administered by USDA Rural Development. Among the winners, Heartland Power Cooperative was selected to receive a $740,000 loan to help fund a biodiesel refinery in Forest City, Iowa, that will create 16 jobs.

REDLG provides funding to rural projects through local utility organizations. Under the program, USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas.

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Category: Fuels

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