July 19, 2024 (DES MOINES, IA) – Today (Friday), the Iowa Economic Development Authority (IEDA) Board approved awards for two companies, which will assist in the creation of eight jobs and result in $28.5 million in new capital investment for the state. These projects are located in Minden and Sioux City.

C&A Scales to rebuild and expand Minden facility
C&A Scales Service, Inc. manufactures and installs bulk weigh grain loadout systems and also sells and installs truck scales, truck automation and truck probe sampling systems. After a tornado destroyed the manufacturing facility in Minden earlier this year, the company plans to rebuild as well as incorporate previous expansion plans. The project represents a $2.5 million capital investment and is expected to create four jobs at a qualifying wage of $25.36 per hour. The board awarded the project tax benefits through the High Quality Jobs (HQJ) program.

Cargill to update Sioux City facility
Cargill offers food, agricultural, financial and industrial products to a global market, with operations in 70 countries and regions. The company plans to construct a new building, make upgrades and add additional rail service to expand their soybean processing capacity at their Sioux City location. The board awarded the $26 million capital investment project tax benefits through the HQJ program. The project is expected to create four jobs at a qualifying wage of $27.07 per hour.

IEDA also recently approved assistance from Iowa’s State Small Business Credit Initiative (SSBCI) Innovation Fund for five startups in Ames, Brighton, Cedar Rapids, Urbandale and West Des Moines:

Ames’ Genvax Technologies, an animal vaccine company, has developed proprietary next generation RNA and nanoparticle vaccines. Their first product is to be a vaccine for swine influenza, with technology that uses a cell-free encapsulation system that can be developed further for custom, herd-specific vaccines. The company was awarded a $250,000 Innovation Acceleration Launch Fund loan for equipment, construction and other testing needs.

The Agenda. Period, Inc., doing business in Brighton, has created a comprehensive mobile application to better understand and navigate an individual’s menstrual cycle. The multifaceted platform integrates cycle and symptom tracking with resources to support hormonal health and overall well-being. The company was awarded a $175,000 Demonstration Fund loan for product buildout and refinement, market planning and entry activities, and key personnel.

Stratafolio, Inc., headquartered in Cedar Rapids, is a cloud-based SaaS product for companies that own and manage commercial real estate. The technology allows real-estate organizations to streamline their operations, reducing manual entry and increasing organizational profitability. The company was awarded a $100,000 Innovation Acceleration Launch Fund loan for market expansion and key personnel.

HUDU, Inc., based in Urbandale, is a centralized online marketplace for odd job services. The platform combines an innovative competitive bid approach with artificial intelligence to offer a solution to the question of, “who do you know.” HUDU is committed to creating a better gig economy. The company was awarded a $50,000 Proof of Commercial Relevance loan for product refinement, market planning and analysis, and key personnel.

West Des Moines-based Coviance, Inc. developed cloud-native lending automation technology software applications for community banks and credit unions, specifically in the home equity and mortgage lending space. The company was awarded a $1 million Innovation Acceleration Expansion Fund loan for IP development and evaluation and key personnel.

The SSBCI program’s Innovation Fund increases assistance available through Iowa’s innovation continuum to support entrepreneurs through concept, launch and expansion. Award recommendations for these funds are made by the SSBCI Review Committee to the IEDA director for approval. The committee met on July 11, 2024, to review eligible applications.