The build-out received enormous support from the $2 million loan. 'It was the best thing out there.'
CIRAS MEP partner Iowa Area Development Group (IADG) had the expertise Co-Line needed when the Co-Line team started looking for financing options. IADG works with companies by meeting with their leadership to first assess the company’s needs and then to help them determine if their company is eligible for any programs that can assist the company in meeting those needs. After assessing Co-Lines situation, IADG used their expertise to assemble the proper documentation and create an application for a low-interest loan. An IADG utility member then sponsored the application. With to IADG’s help, Co-Line was successful in being awarded a pass-through loan from a USDA Rural Economic Development Loan and Grant program, a program which is designed to spur economic development in rural areas. The $2,000,000 in low-interest funds helped finance the additional production space in a project overseen by Co-Line's owners.
After receiving the award, Co-Line created a 120,000-square-foot expansion that now houses production space for multiple products, plus a new paint and powder coating line. The new space allowed the company to reconfigure manufacturing space throughout the entire production facility and to maximize productivity within the space.