DES MOINES, IOWA – In the last few days, the Iowa Economic Development Authority (IEDA) board approved a number of new projects focused on meat and poultry processing in the state.
First, IEDA announced it would provide assistance to Progressive Processing, a subsidiary of Hormel Foods Corp., which plans to invest $43 million in new equipment to expand its SPAM product line in Dubuque, Iowa.
The company was awarded unspecified tax benefits through Iowa’s High Quality Jobs program. The expansion is projected to create 38 jobs at a qualifying wage of $21.13 per hour.
According to Hormel’s website, about 400 people currently work at the 348,000-square-foot plant which also produces chunk-chicken items, Hormel Compleats meals and bacon toppings.
In more economic news, IEDA announced that it awarded 15 Iowa businesses with the Butchery Innovation and Revitalization Fund. The grants will help provide financial assistance to small-scale meat processing, licensed custom lockers and mobile slaughter units.
The Iowa Legislature created the program in 2021 and it was signed into law by Governor Kim Reynolds with a $750,000 allocation. The maximum award amount is $50,000 and no more than 50% of the eligible project expenses may be paid with these grant funds.
During the submission process, Iowa received 54 applications at more than $2.4 million. Based on available funding, the IEDA Board awarded the 15 companies. The final list businesses can be found here.