KOFAB makes conveyors, lifts and other systems that move or handle food. The Iowa Economic Development Authority’s board of directors has awarded the company $250,000 in direct financial assistance as well as some tax credits.
KOFAB used to be known as Kossuth Fabricators. The company was founded in 1977. It was acquired by Precision, Incorporated, in 2014.
“The business plans to continue to maintain its two existing facilities in Algona,” says IEDA spokeswoman Tina Hoffman, “then this proposed project would be construction of a new building on adjacent property in order to increase their capacity for manufacturing, shipping and receiving and even just office space to support the sales growth that they’re having.”
The Iowa Economic Development Authority’s board has also awarded state grants to six programs that offer technical and financial assistance to entrepreneurs and startup companies in Iowa. The so-called “StartUp Factory” at Iowa State University is getting a $200,000 state grant. The Council Bluffs Area Chamber of Commerce is getting $200,000 to establish “The Kitchen Council” — a business incubator to help entrepreneurs in the food industry.
A “business accelerator” called “Square One DSM” that’s run by the Greater Des Moines Partnership is getting another $200,000 grant. Mason City’s North Iowa Area Community College is getting a $100,000 grant for its program aimed at helping nearby startup businesses in rural areas.
The Cedar Rapids-based New Bohemian Innovation Collaborative is getting a $75,000 state grant. The final award is $25,000 and it goes to support a mentoring program run by the Iowa City Area Development Group and the John Pappajohn Entrepreneurial Center at the University of Iowa.
(Reporting by Ryan Long, KICD, Spencer. Additional reporting by Radio Iowa’s O. Kay Henderson)