Loan Assists Cambridge Group With Expansion
Access Energy Cooperative received a $500,000 economic development loan from Mark Reisinger, U.S. Department of Agriculture (USDA) Rural Development State Director in Iowa, in Fairfield Tuesday, November 29th. The loan funds will be used by Cambridge Investment Group Inc. of Fairfield to assist with financing the construction of their new building expansion. It is estimated that this building expansion will create more than 90 jobs and help retain 145 existing jobs in Fairfield.
Robert Swindell, CEO/ General Manager of Access Energy Cooperative announced that the cooperative is proud to be a part of acquiring the USDA pass through loan for Cambridge and assisting them with their expansion project. "Helping our communities is one of the core principles upon which we operate our business," Swindell said.
This is the second pass through loan secured by Access Energy for business in southeast Iowa. In conjunction with the Revolving Loan Fund Program developed with the assistance of the USDA, these loans offer financial assistance to new and expanding businesses.
Eric Schwartz, President of Cambridge thanked everyone who helped speed the process along for their project, which they expect to be moving into in mid-January.
Cambridge Investment Group, Inc. moved to Fairfield in 1992, starting out with 5 employees. They have now grown to over 150 employees and with this expansion expect to employee 308 at full capacity within 3 to 4 years. Within 5 years they expect to build another building.
Cambridge is proud to be part of the small town atmosphere of Fairfield and feels that it helps to foster their growth and success. They also feel that operating in rural Iowa helps them compete very well with the larger companies in New York City and other large cities.
Mr. Reisinger announced that the $500,000 loan through Access Energy Cooperative is a wonderful opportunity for the USDA to participate in the economic growth in rural Iowa, and that they need "more organizations with some curiosity to take advantage of the assistance the USDA has to offer."
So far this year USDA Rural Development in Iowa has awarded a total of $7.4 million to 18 organizations through the Rural Economic Development Loan and Grant program. This program provides zero-interest loans and grants for rural electric and telephone borrowers to assist with economic development and job creation projects.
More information on rural development is available on the USDA's web site at www.rurdev.usda.gov/ia.