CIPCO loans $2 million to ELPLAST America

Central Iowa Power Cooperative is providing financial assistance to a Polish company building a manufacturing plant in Marion.

CIPCO closed Aug. 26 on a $2 million loan for ELPLAST America, which is constructing a $4.14 million, 32,000-square-foot production facility in the Marion Enterprise Park slated for completion this fall. The location in the 181-acre industrial park has room for expansion up to 80,000 square feet to accommodate future growth.

ELPLAST America supplies press-to-close zipper products used for flexible packaging in the food, lawn and garden, pharmaceutical and pet food industries.

The company has more than 700 clients in over 50 countries worldwide.

In a news release, Chad Rupert, president of ELPLAST America, said the company initially plans to hire 10 employees. He said key employees will receive training in Zory, Poland.

The CIPCO loan was funded through the U.S. Department of Agriculture's Rural Economic Development Loan and Grant program. CIPCO and its 13 rural member cooperatives and associations use the money to promote community development and economic growth within their service territories.

In March 2014, the Iowa Economic Development Board awarded ELPLAST America $148,450 in the form of investment tax credits and sales tax refund from the state's high-quality jobs program. The Marion City Council in August 2013 approved $400,000 in tax increment financing for the project.

CIPCO is the state's largest cooperative energy provider, serving approximately 316,500 Iowans in 58 counties.