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OTTUMWA, IOWA -- On Wednesday, Congressman Dave Loebsack announced that Indian Hills Community College had received $750,000 from the Economic Development Association, to construct a business incubator at the community college's north campus.

Congressman Loebsack's office informed KTVO that it is anticipated the new facility will create 450 jobs and leverage $8.4 million in private investment.

KTVO spoke with the congressman Wednesday; he said that this is great news for southeast Iowa, as well as the future of the community.

"Well it is a shot in the arm economically for the area, and it is a much welcome shot in the arm. As you said, when you can create 450 jobs in one swoop, it is going to take awhile, but nonetheless, with this particular kind of investment and the size of the investment that it is, I think it speaks well for the community, and I think it speaks well for the future of the community. We have a long way to go, and as you know, living in the area their, there is a long way to go in Ottumwa, as there is in Iowa, as there is in the country as a whole, but this is a great start," Loebsack said.

The business incubator will be a multi-use facility, but will a great addition to the bio-processing cluster in and around Wapello County.

Press Release from Congressman Loebsack's Office:

Washington, D.C. – Congressman Dave Loebsack today announced that Indian Hills Community College will receive a $750,000 award from the Economic Development Administration.  The funding will be used to construct a business incubator at the college. 

Small businesses are the engines of our economy,” said Loebsack.  “This funding will provide a catalyst for increased economic development in the region and space for new businesses to get their footing and grow.”

The investment will fund the construction of a flexible, multi-use business incubator at Indian Hills Community College in Ottumwa.  The new facility will offer local incubation space to companies in the region’s thriving bio-processing cluster.  It is anticipated that this will created 450 jobs and leverage $8.4 million in private investment.