Aureon & Iowa Area Development Group Award 21 Independent Telecommunication Companies with the 2018 Ripple Effect IMPACT Award
Minburn Communications recognized for Revolving Loan Fund Leadership
WEST DES MOINES, IA (April 5, 2018)—Twenty-one independent telecommunication companies (ITCs) have been awarded the 2018 Ripple Effect IMPACT Award by Aureon and Iowa Area Development Group. All of the companies are honored for operating revolving loan funds (RLFs) that provide critical financing for business and community development in rural Iowa.
The twenty-one ITCs operate 22 funds around the state which in total are capitalized at over $9.6 million. The funds were all established with initial capitalization from either the United States Department of Agriculture (USDA) and/or Aureon. The RLFs were created from 1990 through 2017 and have provided loan assistance for nearly 250 development projects. Minburn Communications which serves Minburn, Woodward, Perry and rural Dallas County, was one of those companies honored, operating its RLF since 2015 which is capitalized at $360,000.
“The strategic pursuit of economic development by all of these companies through their RLFs has served communities and businesses across Iowa very well and resulted in critical growth in their service territories in rural Iowa,” states Sue Cosner, Vice President of Community Initiatives at the Iowa Area Development Group.
Minburn Communication’s $360,000 is comprised of a $30,000 grant from Ripple Effect, a $30,000 match from Minburn Communications and a $300,000 USDA grant which allowed the telco to create the RLF and loan the grant proceeds to the city of Perry for ten years at zero percent interest. The telco’s loan enabled the city of Perry to develop a sally port facility, a secure loading/unloading entrance to the city’s police department for the delivery of detainees and a new garage in which the city can store its police vehicles.
“This USDA grant allowed our company to create a much-needed revolving loan fund for the region and to assist the city of Perry with construction of their law enforcement building. It’s a win-win for all of us.” says Minburn Communications’ General Manager/CEO Deb Lucht. “We also appreciate the support of the Ripple Effect program. For the second year in a row, we are thrilled to receive the IMPACT Award in recognition for our economic development efforts.”
Cosner adds, “We are honored to recognize Minburn Communications and the other 20 companies with the 2018 Ripple Effect IMPACT Award. Without question, their commitment and investment are strengthening the communities and economy of Iowa.”
The Ripple Effect IMPACT award is awarded annually and recognizes economic development leadership, investment in and contribution to communities. The award is sponsored by Aureon and Iowa Area Development Group (IADG) who respectively fund and manage the Ripple Effect program which assists ITCs in attracting businesses to their territories, in turn creating jobs, spurring economic growth, and adding vitality to their communities.
The Ripple Effect program, a partnership alliance between Aureon and Iowa Area Development Group (IADG), is designed to advance the business and community development vitality of rural Iowa by joining local Independent Telecommunications Companies and partnering municipalities in their economic development initiatives. The program provides financial and technical assistance to business and industry and communities, through local telecommunication providers, to stimulate growth and development in rural Iowa. The program makes available low-interest loans to business applicants and planning grants to communities and their economic development partners for various types of community development projects. At minimum, the Independent Telecommunications Companies are required to match the local financial assistance provided by Ripple Effect.
Other Ripple Effect services include financial packaging for development projects; research and education; awareness and training; business marketing and outreach; and development project facilitation including direct financial assistance through loans and grants from Aureon. For decades Aureon, through Iowa’s Independent Telecommunications Companies and IADG, on behalf of the Rural Electric Cooperatives, has provided leadership, vision and commitment to rural communities.