Shelby Electric Cooperative helps fund new jobs with USDA loan
IHI Turbo America is adding production to their current automotive and marine parts manufacturing, adding 30 new jobs at the Shelbyville plant in 2015. The expansion was made possible with a $2 million loan through the U.S. Department of Agriculture Rural Development program to Shelby Electric Cooperative. The new assembly line is expected to be installed in January with full production beginning in 2016.
The USDA Rural Economic Development Loan and Grant (REDLG) program provides funding to rural job and community development projects through local utility organizations. Under the program, USDA provides zero interest loans to local utilities, which they, in turn, pass through to local businesses for projects that will create and retain employment in rural areas.
Shelby Electric Cooperative and Prairie Power Inc., helped make this job creating loan possible for IHI Turbo America. In addition, an Illinois Department of Transportation grant to the city of Shelbyville will provide $1.3 million in improvements on Illinois 16 at the IHITA site.
“This is the kind of thing we really like to do and we’re excited that it’s coming together,” said Shelbyville Street Commissioner Thom Schafer. “Growth for IHI and new jobs for Shelbyville is a win-win.”
“Our programs are designed to help strengthen the people, businesses and communities of rural America,” said Colleen Callahan, Illinois Rural Development Director. “Partnerships with Shelby Electric and other electric cooperatives to provide Rural Economic Development Loans and Grants (REDLG) to local companies, so they can expand their business and create more jobs in their community, are among the most significant of our efforts to support community economic development. It’s exciting for everyone involved to participate in making such a positive impact.”
IHI Turbo America designs, markets, manufactures and distributes turbocharger and supercharger products for internal combustion engine applications in North America. Founded in 1980, the company has expanded the manufacturing base in Shelbyville with the on-going acquisition and implementation of state-of-the-art manufacturing and test equipment in order to meet customer demand and quality requirements.