An Iowa company that will make a key ingredient for biodiesel is getting some important loans, loan guarantees and tax incentives from the state and federal governments. This article from the Mason City (IA) Globe Gazette says New Heaven Chemical will get $128,000 in state loans and $402,000 in tax incentives, along with the chance for a U.S. Department of Agriculture $5 million loan guarantee, for the company’s plant at the Manly Terminal.
The Manly plant will produce sodium methylate, which is used to turn fat and oil into biodiesel.
Completion is expected by the end of the year. Startup is set for January.
New Heaven’s plant will bring money into the county, [Worth County Supervisor Ken] Abrams said.
“It’s gonna get jobs and people here,” he said.
County officials are expected to sign the contract later this week.