Galesburg City Council will consider a revolving loan in the amount of $250,000 for a business that says they aim to be the industry leader in plant-based protein.
WGIL reported last week that a South Dakota-based venture that will make ingredients for plant-based foods will open up a plant in Galesburg, bringing several dozen jobs with it.
Council can approve Innovative Proteins for a $250,000 revolving loan for five years at 4.50%.
Innovate Proteins plans to renovate and reuse a building located at 701 West 6th Street, on the city’s southern corridor and will create
The Knox County Area Partnership for Economic Development is supporting this project and their President, Ken Springer, in a letter to council says jobs created will be significantly above the area per-capita wage.
Under rules, the Council passed last year for their business loan program this is a requirement.
Innovative Proteins overall project also involves F&M Bank, which has agreed to provide a $1,500,00 loan and there will be $1,600,000 in owner’s equity.
