–An Algona company has been included among thirteen other projects in Iowa that are receiving nearly $12 Million from the federal government to advance economic development initiatives.
Kinetic Technologies is working with the Corn Belt Power Cooperative to receive funding to build a new facility in Algona. The cooperative is receiving $952,000 from the USDA’s Rural Economic Development Loan and Grant program to provide a pass-through loan to Kinetic Technologies, which will use the money on their building project.
The award was announced Tuesday by Mike Sexton, who serves as the USDA’s Rural Development Director in Iowa.
The City of Algona approved a letter of commitment for a development agreement with the company March of 2025, to assist in the process of receiving this federal funding. That agreement was to include a $200,000 forgivable loan tied to certain job creation and retention requirements. The Kinetic Technologies project is expected to create at least 8 new jobs.
You can find the full list of recipients by clicking the link below:
