DES MOINES — Iowa economic development officials announced more than $4.66 million in tax credits, loans and grant funding Friday, including $623,500 for two Northern Iowa manufacturers planning to create a combined 102 jobs.
The Iowa Economic Development Authority Board approved $3,660,500 in assistance during its July 17, 2026, meeting. That includes $2,810,500 in Business Incentives for Growth tax credits, $250,000 in startup loans and a $600,000 Community Attraction and Tourism grant.
IEDA also recently approved another $1 million in federally backed State Small Business Credit Initiative loans for three startups. Combined, the assistance announced Friday totals $4,660,500.
The four manufacturing projects are expected to generate $62.9 million in capital investment and create 312 jobs. Of those, 182 are incentive-qualifying positions required to meet wage levels established by the state.
IEDA did not provide job-creation estimates for the six startup awards or the Cedar Rapids quality-of-life project. Therefore, the only firm employment total announced in connection with the awards is the 312 projected manufacturing jobs.
Northern Iowa projects tied to 102 jobs
Geater Machining and Manufacturing Co. in Independence received $584,500 in state tax credits for an expansion expected to create 100 jobs.
The company plans to invest $16 million in a 30,000-square-foot expansion of its manufacturing operation. The project will add production space, manufacturing equipment, offices and a new visitor entrance.
Geater, which has operated since 1962, provides machining and fabrication services for the aerospace, defense, communications, electronics and technology industries.
The expansion is expected to increase production capacity by approximately 33% to 40%. Twenty of the 100 projected jobs are incentive-qualifying positions required to pay at least $24.93 per hour.
Webster City Custom Meats was awarded $39,000 in tax credits for a $2.5 million modernization project expected to create two maintenance jobs.
The company plans to install an automated bacon-packaging line designed to improve productivity and competitiveness at its pork-processing facility. Both new jobs are incentive-qualifying positions required to pay at least $25.12 per hour.
Webster City Custom Meats was established in 1973 and was acquired by Boone-based Midwest Quality Wholesale in 2023.
Together, the Independence and Webster City projects account for:
- $623,500 in state tax credits
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$18.5 million in planned capital investment
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102 projected new jobs
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22 incentive-qualifying jobs
Des Moines project accounts for 200 jobs
Electrical Power Products, a Flex company in Des Moines, received $2.01 million in tax credits — the largest individual award announced Friday.
The company plans to invest $42 million and add approximately 420,000 square feet to its Des Moines manufacturing campus. The expansion is expected to create 200 jobs, including 150 incentive-qualifying positions paying at least $31.54 per hour.
Electrical Power Products manufactures electrical power-control and protection systems for utility, infrastructure and data-center customers.
Wapello manufacturer plans 10 jobs
S&J Tube in Wapello was awarded $177,000 in tax credits for a $2.4 million investment in advanced manufacturing equipment, expanded roll-forming operations and new 3D-printing capabilities.
The project is expected to create 10 jobs, all of which are incentive-qualifying positions required to pay at least $24.65 per hour.
Manufacturing job breakdown
The four manufacturing awards are tied to the following employment projections:
- Electrical Power Products, Des Moines: 200 new jobs, including 150 incentive-qualifying positions
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Geater Machining and Manufacturing, Independence: 100 new jobs, including 20 incentive-qualifying positions
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S&J Tube, Wapello: 10 new jobs, all incentive-qualifying
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Webster City Custom Meats, Webster City: two new jobs, both incentive-qualifying
Total: 312 projected new jobs, including 182 positions tied directly to state wage and incentive requirements.
Startup companies handed $1.25 million in loans
The IEDA Board approved $250,000 in loans for three startup companies.
Ama AI of Ames received a $100,000 Demonstration Fund loan for an artificial-intelligence platform intended to help children with autism and other cognitive differences receive consistent support at home, school and during therapy.
SoilSerdem of Ames received a $100,000 Demonstration Fund loan for geospatial software that analyzes yield, soil and other field data for farmers, agronomists and agricultural retailers.
Juggernaut Life Sciences of Coralville received a $50,000 Proof of Commercial Relevance loan for development of a laser-based medical device designed to target early-stage cancers while limiting damage to healthy tissue.
IEDA also announced $1 million in SSBCI Innovation Acceleration Fund loans approved following a July 9 review.
Skroot Laboratory of Ames received $250,000 for sensor technology that monitors cell growth inside sealed bioreactors.
AVEX of Cedar Rapids received $250,000 to expand the market for Repour, a patented wine-preservation device that removes oxygen from opened bottles.
SwineTech of Cedar Rapids received $500,000 for PigFlow, an artificial intelligence-powered management system for pork producers.
IEDA did not announce how many jobs the startup loans are expected to create or retain.
Cedar Rapids nonprofit receives $600,000
The IEDA Board awarded a $600,000 Community Attraction and Tourism grant to Horizons, a Cedar Rapids nonprofit.
Horizons plans to renovate a downtown building into the 22,659-square-foot Our Place Senior Recreation Center. The facility is expected to include activity rooms, exercise areas, a library, café, movie room and pickleball court for adults ages 55 and older.
The entire project is estimated to cost $3,495,913. Cedar Rapids has been without a dedicated senior recreation center since the 2008 flood.
IEDA did not provide a job-creation or job-retention estimate for the recreation-center project.