A Cedar Rapids-based startup was recently named a recipient of an innovation funding loan from the Iowa Economic Development Authority.
FES Solutions was awarded a $50,000 Proof of Commercial Relevance (POCR) loan for IP development and evaluation, market analysis, proof of concept work, and market planning and entry activities from the IEDA, according to a news release Nov. 17.
The Cedar Rapids startup will use the IEDA loan to continue developing a market-ready fire extinguisher stand for construction companies. Drawing on years of expertise in the construction industry, FES Solutions identified the need for a consistent product that was typically made with leftover project materials. The prototype has the potential to offer a more durable and lighter weight solution.
The IEDA board also approved $1.5 million in direct financial assistance through the High Quality Jobs (HQJ) program for the newly-formed Independence Foods LLC, which will manufacture a wide range of food products at the former General Mills pet food facility in Independence and make upgrades to accommodate production capabilities and requirements. The project represents a capital investment of $14.8 million and is expected to create 229 jobs at a qualifying wage of $25.90 per hour.
Other companies receiving awards include:
- Ten5 in Des Moines, which received a $50,000 POCR loan to continue development of a communications platform for the trucking industry to improve driver safety and fleet productivity and lower driver and dispatcher turnover rates, and
- Hummingbirds in Des Moines, which was awarded a $250,000 Innovation Acceleration Launch Fund loan for key personnel. The company is developing an SaaS-enabled marketplace that helps brands find and work with local people to drive awareness and sales. Customers can create a campaign inside the software and their content creators (called “hummingbirds”) express interest in the campaign. Customers select interested hummingbirds and provide a complimentary perk to experience their brand and share about it on social media.
