State economic development leaders on Thursday awarded incentives to three projects around the state that are expected to create just over 100 new jobs. Tina Hoffman, spokesperson for the Iowa Economic Development Authority Board, says the biggest project involves a $2.4 million expansion by Submittal Exchange, a software development company in West Des Moines.
“They’re looking to create 81 new jobs,” Hoffman said. “The board approved a $500,000 half loan, half forgivable loan, as well as some tax credits to that project through the High Quality Jobs Program.” The jobs at Submittal Exchange would pay about $48,100 annually, according to company officials.
The IEDA Board awarded up to $200,000 in enterprise zone tax credits to Hydrite Chemical Company for an expansion of its facility in Waterloo. The $8.8 million dollar project is expected to create 10 jobs. Meanwhile, Simonsen Iron Works is expanding its factory in Spencer.
Hoffman said the metal fabrication company is adding a new product line, creating 11 jobs and retaining 31 other positions. The IEDA Board approved a $200,000 loan for the project, which carries a price tag of roughly $940,000.