$1.5 Million USDA Loan Approved for Pella Cooperative Electric and LDJ Manufacturing, Inc. for Expansion of Local Manufacturing Operation
Pella Cooperative Electric Association and LDJ Manufacturing, Inc. are pleased to announce their successful application to secure a $1.5 million loan through the United States Department of Agriculture (USDA) Rural Economic Development Loan & Grant Program (REDLG) to assist with a $2.5 million building expansion for LDJ Manufacturing.
USDA’s REDLG program provides zero-interest loans to rural utility providers, such as Pella Cooperative Electric, that in turn re-lend the money at zero percent interest to businesses within their communities. Pella Cooperative Electric utilizes the USDA’s REDLG program as one of the economic development tools to promote community development, economic growth, and help create and retain jobs in rural Iowa.
“As a member-owned electric Cooperative, we’re in a unique position to utilize borrowing power for our local businesses that we serve. Any efforts we can make to contribute to our local economy is a win for us, for our members, and for the community,” commented Pella Cooperative Electric Chief Executive Officer Doug Stewart. “We’re pleased to be able to partner with LDJ Manufacturing on their project.”
LDJ Manufacturing, a family-owned business founded in 1995 by Loren and Jean Van Wyk, manufactures Thunder Creek diesel fuel and service trailers outside of Pella and is a member of Pella Cooperative Electric. LDJ’s team of designers, engineers, and high-quality skilled manufacturers continue to push the innovation envelope to deliver new technology to the industry’s leading fuel and service trailers.
With more than a decade of experience as the home of Thunder Creek Equipment premium bulk diesel and service trailers, LDJ Manufacturing has built a reputation for uncompromising quality and reliability. To continue meeting their commitment, LDJ Manufacturing will build a 25,000-square-foot addition to their existing manufacturing footprint. The new space will accommodate increased production and warehousing as well as added workstations and a tornado shelter
“We’re happy to partner with our local electric provider, Pella Cooperative Electric and the USDA in our expansion project,” said Ben Cox, President of LDJ Manufacturing. “It’s an exciting step forward for not only business growth but also local economic opportunities of creating new skilled jobs and higher wages right here in our community.”
The timeline for the project includes groundbreaking in July 2022 with completion planned for October 2022.
This is Pella Cooperative Electric’s 15th USDA economic development loan project. In total, those loans have led to more than $6 million of additional investment in the community and have helped retain or create more than 100 jobs in Pella and surrounding communities throughout the program.