Success Stories

Bunkers Feed & Supply, Inc.

Bunkers Feed & Supply, Inc.

Granville, Iowa

Bunkers Feed & Supply, Inc. was started in 1961 by Dale J. Bunkers.  The company stated as a small feed and seed store and has experienced steady growth throughout its 52 year existence.  His sons started joining this family business in 1980 and now all three are actively involved in operations.  The business is now a full-line agricultural supply center and is a high quality corporate neighbor to the community and surrounding area.  This family business has constantly grown and evolved over the years, adapting its business to meet the changes of the farming industry and to continue to serve the needs of area farmers.

Bunkers Feed & Supply, Inc. partnered with the Siouxland Economic Development Corporation and Northwestern Bank on its first SBA 504 loan in 1999 for the construction of a new building and storage facilities.  Since that time as the business has grown, SEDC has assisted in financing two other expansions of their operation.  These successful partnerships have had a multimillion dollar economic impact to the region and resulted in the creation of a large number of jobs for the Granville community.

SEDC/SBA 504 Project in Cooperation with Northwestern Bank

DK Plastics

DK Plastics

Archer, IA

DK Plastics was started by David DeKok and his three sons about a decade ago in Archer, IA.  The business started sheet plastic extruding in 1998 with one extrusion line, a second line was added in 2005.  DK Plastics found a niche as one of the few companies that offer custom plastic extrusion.  They have a number of customers that appreciate their high quality work and many wanted the company to do more work for them.  But, because their current building and equipment had reached capacity and they had a 4-5 week turnaround time on most jobs, they could not take advantage of the opportunity that was available. 

DK Plastics worked with Gregg Boone at American State Bank and SEDC to utilize the SBA 504 program to accomplish a project to construct a new production facility and add one additional sheet plastic extruder.  The current building had been added on to twice and was no longer efficient for the current level of production, nor was there space for an additional extruder.  The new extruder is a high output machine that has the capability to produce much wider sheets in a larger variety of textures.  The old building continues to be used for plastic thermo form production and storage.  This project resulted in sixteen new jobs that have been or will be created over the next three years and the retention of 14 jobs.  DK Plastics is a family owned business. 

An SEDC/SBA 504 Project in Cooperation with American State Bank and Gregg Boone

HLT Limited

Humboldt, IA

In 1991 Carl Crewson purchased the majority ownership of a marine trailer manufacturing company in Humboldt, IA.  Although Carl and his family are from Canada, he was very familiar with the marine boat manufacturing process as he owned and operated a similar company in Canada.  Rod Harklau, the general manager and a minority stockholder stayed on to manage the company.  Business was thriving until the economic slowdown which affected the sales of recreational products.  Thanks to the Small Business Jobs Act of 2010 which allowed for the refinance of existing debts using the SBA 504 loan program.  The borrower was able to consolidate debts with long term financing at a low interest rate.  The company could position itself to take advantage of opportunities for growth when the economy improved.  SEDC would like to thank Bank Iowa in Humboldt for their participation in the refinance of HLT Limited. 

M&H True Value Hardware Store

M&H True Value Hardware Store

Curt Van Holland purchased this hardware business from his parents in 2000.  His family has owned and operated the hardware store since 1980.  In 2008, with the help of Brian Richter and Peoples Bank, Curt and Darcy Van Holland built a new building in which to operate the hardware store.  The new building, which is across the street from the old building, offers more space, better layout, and much improved parking.    The old building was approximately 10,350 square feet while the new building is almost 19,500 square feet.  The Van Hollands believe the increased space will allow them to offer more product lines and increase depth in profitable product lines that would yield an increase in sales.  This project has created several jobs in the Rock Valley community and assisted a business in growing and providing local residents with expanded options for making their purchasing decisions locally.

SEDC/SBA 504 Project in Cooperation with Peoples Bank & Brian Richter

Midwest Pro Manufacturing, (MPM, Inc.)

Midwest Pro Manufacturing, (MPM, Inc.)

Dwayne Eppinga, Evan Van Ginkel, and Paul Van Ginkel, started Midwest Pro Manufacturing (MPM) in 2005 in a 2500 sq. ft. leased space in Rock Valley, IA.  With significant experience in the computer numerically controlled (CNC) machine parts industry, they began their company with a strong work ethic and motivation for success.  MPM worked with Peoples Bank and SEDC to utilize the SBA 504 program to purchase the equipment for this new business.  Shortly thereafter, they obtained additional SBA and SEDC financing to purchase new equipment necessary to remain competitive in the machining industry.  MPM experienced considerable growth in its first two years of operations and in 2007 built their own 10,000 sq. ft. manufacturing facility in the Rock Valley Industrial Park.  The new building was financed utilizing the SBA 504 program and a loan from Peoples Bank.  MPM, Inc. has been able to retain CNC jobs in Rock Valley and build a substantial customer base in the Midwest.  The company has created more than a dozen skilled jobs and has recently expanded their facility to 20,000 sq. ft. to keep up with demand.

SEDC/SBA 504 Project in Cooperation with Peoples Bank & Brian Richter

Nolte Academy of Dance, LLC

Nolte Academy of Dance, LLC

Coralville, IA

Leslie Nolte had been dancing and teaching dance professionally for 14 years and for the past 12 years has owned her owned dance studio in Coralville, IA.  Leslie was beginning to outgrow her present facilities and had aspirations of owning her own building someday.  Leslie and her husband, Mark worked with their banker Jerry Waddilove at MidWest One Bank in Iowa City.  An opportunity came up to purchase a former furniture store only a few blocks from their present location.  With the first meeting with Mark and Leslie Nolte, Jerry Waddilove and Dean Lafrentz from SEDC has now resulted in a newly renovated dance studio, preschool and retail sales outlet for dance attire.  The company has experience over 300% growth in dance memberships since moving to its new location.  The facility is now large enough to meet the demands of their customers and give them the space to add more classes.  Leslie has reached out to the students at the University of Iowa to teach and instruct the students of Nolte Academy of Dance which has resulted in increased jobs.  SEDC is pleased to partner with Jerry Waddilove and MidWest One Bank to provide financing for the purchase and renovation of this 20,800 square foot building.
Raining Rose, Inc

Raining Rose, Inc

Cedar Rapids, IA

Chuck Hammond and Art Christoffersen, former executives of McLeod USA, purchased a small lip balm manufacturing business in 2003.  Chuck and Art began to grow the company but in 2005 was hit with the first devastating loss with the sudden death of Art.  Chuck regrouped and continued to surround himself with capable employees and began the growth of the company once again.  In 2008 the company experienced its second devastating loss with 8 feet of water in their facilities from the Cedar Rapids floods which destroyed virtually everything.  Within 1 week the company was running its production facilities and starting over.  Through teamwork and perseverance the company began another accelerated growth pattern until they realized they needed to find new facilities.  In 2011, Bankers Trust Company in Cedar Rapids began its planning with Chuck Hammond and the team at Raining Rose in an attempt to move from its present facilities which included 3 separate buildings in downtown Cedar Rapids.  With the help of SEDC and the SBA 504 loan program along with the State of Iowa and the City of Cedar Rapids, a package was put together to allow the company to move to its present facilities and purchase some new manufacturing equipment.  Raining Rose now operates out of a beautiful 127,000 square foot building.  The company can now meet its demand for product, be more efficient in its manufacturing process and expand its product line.  This successful partnership has had a multimillion dollar economic impact to the Cedar Rapids area and has resulted in a large number of jobs.  SEDC is proud to have been a part of this project.

VH Manufacturing, Inc.

VH Manufacturing, Inc.

VH Manufacturing, Inc. was founded in 2003 by Jeremy Van’t Hul to manufacture and market Polytin, plastic-based corn header replacements, snoots, rasp bars, feed-house drums, and other combine parts.  Jeremy had been the mechanical engineer/project manager responsible for the creation and development of the product, while working for a division of another agricultural manufacturing company, since the project’s inception in 1995.  When the owner of the company was injured and the Polytin division was in danger of being closed, Jeremy purchased the rights to the product and set up his own company.

Brian Richter and Peoples Bank partnered with the Siouxland Economic Development Corporation to provide the financing needed for Jeremy to purchase the business, inventory, and equipment from the previous company to start VH Mfg.  The company grew quickly and in 2007, once again Brian Richter and Peoples Bank partnered with SEDC, this time allowing VH Mfg to purchase the building they had been leasing.  The company has continued to grow, leading to an expansion of their building and the continued creation of more jobs in the Rock Valley area.

SEDC/SBA 504 Project in Cooperation with Peoples Bank & Brian Richter

Webster City RV, Inc.

Webster City RV, Inc.

Webster City, IA

Rod Ruppel, a former school teacher, coach and later restaurant manager was looking for a career change.  Rod and a partner purchased the recreational trailer sales and service company in 1996.  In 2000 Rod and Betty Ruppel bought out the partner and began to expand the operation.  With the thought of someday retiring, Rod reached out to his son, Adam to join the company.  Adam was able to bring additional sales and technology experience while being groomed for the management of the operation.  In 2012 an opportunity to purchase a former RV sales and service company in Bevington, IA was presented.  Rod and Adam saw this as an opportunity to reach out to the Des Moines market with their product lines.  Michael Scacci with Northwest Banks in Fort Dodge knew this was a good fit for the SBA 504 loan program and reached out to SEDC for our assistance.  In the meetings with the bank and the owners it was discovered that the owners also desired to add on to their service bays in Webster City to meet the demand for service work.  A loan package was put together to purchase the building in Bevington, expand and renovate the building, build a 36-site campground on the additional land that was a part of the purchase, add 4 new service bays to the Webster City location and refinance some existing debt on their Webster City building.  The SBA 504 interest rates were very favorable for the borrower along with the low capital injection requirement.  SEDC is pleased to partner with Northwest Banks to provide a loan package to Webster City RV which allowed them to expand their business.

Whiting Commercial Development Corporation dba Pleasant View Care Center

Whiting Commercial Development Corporation dba Pleasant View Care Center

Whiting, Iowa

Whiting Commercial Development Corporation is a long term care medical facility located in Whiting, IA.  The facility has 88 beds for intermediate (ICF) and skilled (SNF) levels of care and 16 beds for assisted living residents.  Due to a moisture intrusion problem, the facility underwent a renovating and updating the existing nursing facility. 

The facility was built and opened in in 1975.  A corporation was formed by approximately 150 local investors that believed strongly that a facility such as this was necessary in their community.  They also believed that local ownership and management was the key to it being successful and providing the quality of care they wanted for themselves and their loved ones.   The facility has a very good reputation in the industry and has had an 85% - 90% occupancy rate throughout the years.  Pleasant View draws clients from a 25-30 mile radius.  It is a very attractive alternative for local seniors who prefer to remain in a rural setting. 

Pleasant View Care Center offers rehabilitation services, out-patient therapy, secure-living environment for Alzheimer’s clients, adult respite care, dietician services, and recreation therapy.

In 2011, working together with Northwest Bank and SEDC, Whiting Commercial Development was able to use the long term fixed rate financing of the SBA 504 loan program to secure financing for a massive renovation and improvement project as well as refinance the existing debt on the facility.  This allowed them to continue to build equity in their investment and manage future interest rate risk.

SEDC/SBA 504 Project in Cooperation with Northwest Bank