IADG Energy Bank - Supporting Business Growth
on Friday, December 11, 2020
The Iowa Area Development Group Energy Bank RLF, launched in 2013, offers an ongoing source of low-interest financing for the implementation of cost-effective projects that save energy and money, improve facilities and processes, and enhance job creation and profitability. The fund was created with nearly $2 million, and since that time, it has supported 19 projects and continues to make loans as funds are repaid.
The most recent loan provided through the IADG Energy Bank is to LDJ Manufacturing/Thunder Creek Equipment. The company is a manufacturer of fuel trailers for agriculture and heavy equipment uses. The company continues to innovate and add component options for their products. An example is the creation of a “portable shop,” which can include tool cabinets, general storage, oil and other fluid tanks, and a combination welder, air compressor and generator system, all customized for the intended user. This trailer takes the shop to the field and allows for independent operation. The company will use the IADG Energy Bank loan to purchase a new electric press brake to replace an older, less efficient, hydraulic machine. A press brake machine is a pressing tool for bending sheet and plate material, most commonly sheet metal. This new equipment offers several advantages over their current hydraulic system, including reduced setup time, increased speed (cycles) and capacity of the metal being bent, and a reduction in electrical usage.
The IADG Energy Bank Revolving Loan Fund (RLF) is focused on making loans to businesses and industries for qualifying energy efficiency projects within the State. Preference is given to manufacturers. Loan amounts range from $50,000 - $300,000. For more information, visit IADG.com/EnergyBank or contact Bruce Nuzum, Sr. VP Finance and Operations at firstname.lastname@example.org.