Economic Development Board approves loans for six cities

The Iowa Economic Development Board approved over one-million dollars worth of loans today for six Iowa businesses. D-E-D spokesman Phil Thomas says the largest loan — 500-thousand dollars — goes to the Trilog Incorporated insurance center in Dubuque for an expansion. The Cottingham ButtlerInsurance Service in Dubuque is getting 90-thousand dollars. The funding to the businesses is part loan and part forgiveable loan except for an Ames company. Thomas says Etrema Products in Ames will pay back its 100-thousand dollar state investment in royalties from a new product. The H.J. Heinz company in Muscatine is getting 72-thousand dollars in state money to establish itself as a “center of excellence” within the Heinz company which could lead to a major expansion. The Milltech Company in Muscatine county is getting 60-thousand dollars to build a shop building at the IPSCO plant. That new building will allow the company to add 29 newjobs. The final loan goes to Clark Industries of Winterset. The company will use the 200-thousand dollar loan to computerize its machine fabricationequipment which company officials say will allow them to quadruple their capacity.