BoDeans plans expansion with city help

BoDeans Baking, of Le Mars, is set to receive up to $15,000 in a zero-interest loan from the city for a five-year period to help them secure a state grant.

The decision came from Le Mars City Council members during Tuesday's council meeting.

Dean Jacobson, co-owner of BoDeans, declined to discuss project details but said it was an expansion of their baking business.

The city's loan, from the economic development fund, will be part of a total $20,000 no-interest loan with $5,000 provided by the Le Mars Business Initiative Corporation (LBIC) and, potentially, a portion from Siouxland Economic Development Corporation (SEDC).

Neal Adler, director of the LBIC, explained the State of Iowa has invited BoDeans to submit an application for $95,000 in Community Economic Betterment Account (CEBA) money for the expansion project.

A 20 percent local match is required.

That, Adler explained, is why the city, LBIC and possibly the SEDC are working together to put together $20,000. All of the money will be loaned to BoDeans through the LBIC, Adler added, and the LBIC will make the payments back to the other entities.

Iowa's CEBA, the program BoDeans will apply for, is designed to give financial help to companies that create or retain jobs and make new capital investment in Iowa.

The size of the CEBA loan is partly based on the number of jobs created or retained, according to the Iowa Department of Economic Development.

CEBA money is provided as loans and forgivable loans.

BoDeans employs more than 100 people at its three Le Mars facilities: a ice cream cone plant, a wafer plant and a packaging building.