Marion manufacturer, Corridor startups get state assistance
Companies received grants, awards and tax credits
Published: March 28 2014 | 10:32 am - Updated: 1 April 2014 | 10:16 am
The Iowa Economic Development Authority board awarded Marion manufacturer Freund-Vector Corporation $151,500 in tax credits on Friday.
The company, which announced a 12,000-square-foot, $5.3-million expansion earlier in March, designs and manufactures a wide range of equipment for the processing of powders, particles, beads, pellets, tablets to the pharmaceutical, nutritional, food, chemical, powdered metals, automotive and pyrotechnics industries.
The city of Marion awarded the Freund-Vector a five-year tax incremental financing agreement of $135,000, according to state documents.
The economic development board also approved grants and awards to four Corridor startups.
- Cedar Rapids-based MCG BioComposites, which helps clients commercialize bio-based materials and products, received a $49,875 i6 Green Challenge Grant. The state distributes the federal grant to companies that promote clean energy innovation.
- Medical device company Iowa Approach, which makes catheter-based tools, received a $75,000 demonstration fund loan. The state's demonstration fund provides financial and technical assistance to help with high technology prototype and concept development.
- Two University of Iowa researchers heading up BioPrint — a 3D bioprinting company that is developing a 4D bioprinter able to print replicate tissues and organs — received a $100,000 innovation acceleration fund loan. The Iowa innovation acceleration fund finances the commercialization of research as well as helps launch new start-ups and accelerates private investment and industrial expansion efforts.
- Pure Oleochemicals received a $70,125 i6 Green Challenge Grant and a $29,875 innovation acceleration fund loan. The company, comprised of University of Iowa researchers and scientists, has commercialized the separation of fatty acids, which are the major component of vegetable oils.
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