Shelby Electric helps secure REDLG monies for local manufacturer
IHI Turbo America, a designer and manufacturer of diesel, gasoline and natural gas turbocharger products, will be expanding thanks in part to a $2 million loan, part of the USDA Rural Economic Development Loan and Grant (REDLG) program through Shelby Electric Cooperative.
The interest-free loan will help the manufacturer fund a 250,000-square-foot $40 million expansion and result in an additional 90 jobs for the area including manufacturing, engineering and management positions. Beginning in 2020, the company will assemble turbochargers for Honda North America.
Josh Shallenberger, president and CEO of Shelby Electric Cooperative, said, “USDA has provided a tool to enable the co-op to be proactive and help with the multiple expansions. It fortifies the relationship as a business community partner.”
This is the third plant expansion supported by REDLG monies.