Two companies in the Des Moines metro area and another in the Quad Cities have landed financial assistance from the state for expansion projects. Tina Hoffman is a spokesperson for the Iowa Economic Development Authority (IEDA) board, which approved the awards this morning.
“That will collectively result in the creation of 126 new jobs, the retention of 88 jobs, and will ultimately result in nearly $12 million in new capital investment projects for the state,” Hoffman said. CharNor in Davenport, a remanufacturer of forklift driveline components, is expanding its operations.
The IEDA board awarded the project a $245,000 loan/forgivable loan through the High Quality Jobs Program to create 74 jobs. The CharNor project involves a capital investment of $570,000. The company is relocating into a larger facility.
“This company will be going into a facility that’s been vacant for quite some time and has been considered a property that’s been difficult for Davenport to fill,” Hoffman said. Concrete form manufacturer EFCO on Des Moines is planning to build a new $11 million dollar facility to boost its production capacity. The expansion is expected to create 40 jobs and retain 88 more.
The IEDA board awarded the project tax benefits. In Urbandale, software company Fastpath was also awarded tax benefits for an expansion that’s designed to create 12 jobs, doubling the company’s workforce.