The Iowa Economic Development Authority Board today approved more than $4.8 million in tax credits to three companies that plan to invest more than $246 million in new construction and create nearly 60 jobs.

The largest award went to Shell Rock Soy Processing, a startup company that plans to build a soybean crushing facility in Butler County.

The company was awarded $4.1 million in investment tax credits and Sales, Service Use tax credits. It plans to build a $224.6 million facility that would produce 462 million pounds of crude soybean oil for food processors and the biodiesel industry, as well as soybean meal for livestock producers and pelleted soybean hulls. The company plans to construct buildings and storage across 48 acres, totaling about 150,000 square feet of space.

According to IEDA documents, Shell Rock Soy Processing will create 51 jobs paying a qualifying wage of $20.71 an hour.

The project will also receive Tax Increment Finance Benefits from Butler County, although the details of that benefit were not determined.

Construction is set for 2022.

The IEDA board also approved more than $675,000 in investment and Sales, Service Use tax credits to CJ Bio America Inc., a Webster County company that makes amino acids for the swine and poultry industries.

The company plans to build a $20.4 million facility on its current site and create four jobs that pay a qualifying wage of $19.47 an hour.

According to IEDA documents, the new building will increase production capacity and add machinery and equipment.

CJ Bio America will also receive a 10-year, 70% tax increment finance benefit from Webster County valued at $840,000.

Construction is expected to begin in May, with production beginning in the second quarter of 2022.

Sadler Power Train Inc. in Cedar Rapids also received tax credits from the IEDA board today.

The board approved $31,500 in Sales, Service Use tax credits for the company that distributes light, medium and heavy-duty truck parts and remanufactures driveshafts, differentials and transmissions.

According to IEDA documents, Sadler Power Train plans to build a 10,000-square-foot facility, valued at $1.2 million, to increase manufacturing and storage.

The company plans to add four jobs, one of which will pay a qualifying wage of $23.20 an hour.

Sadler Power Train will also receive a 10-year, 50% tax increment finance benefit from the city.

The IEDA board also awarded grants to three service providers that support diverse entrepreneurs.

  • The New Bohemian Innovation Collaborative (NewBoCo) in Cedar Rapids was awarded a $110,000 grant. NewBoCo is partnering with Kiva, a nonprofit organization, to create a hub that gives diverse entrepreneurs access to a microlending platform to raise zero percent interest, zero fee, extended grace period loans from active lenders motivated by social impact. The project was awarded the grant to pilot the hub.
  • Drake University’s Startup Hub Des Moines was awarded $184,900 to create one-on-one counseling and special entrepreneurship programs, addressing a lack of access, educational resources and mentorship. The grant will be used for recruitment and training.
  • The 24/7 Black Leadership Advancement Consortium (24/7 BLAC) was awarded a $200,000 grant to support the Black Business & Entrepreneurship Accelerator, the only all-black accelerator program in the state. The accelerator aims to increase professional development, stimulate the creation of wealth and financial empowerment, and build networks of influence with navigational support for Black professionals. It offers financial and sustainability support to new and existing minority-owned businesses in the Cedar Valley to accelerate growth and development. The accelerator operates as a partnership with the University of Northern Iowa, Red Cedar CV and Grow Cedar Valley.