Cedar Crest Manufacturing Plant to Open in Cedar Rapids
Priority One and Entrepreneurial Development Center Collaborate to Benefit Locally-Founded Business and Area Economy
CEDAR RAPIDS, IA--JANUARY 28, 2009--New company Cedar Crest Manufacturing, writing instruments supplier to the promotional products industry, today announced plans to open its first production facility at 200 50th Ave SW in Cedar Rapids. The locally-owned and operated business will create 40 to 50 new jobs over the next three years with an average annual salary of $40,700.
“Cedar Crest Manufacturing is a great addition to the Cedar Rapids business community,” said Mark Seckman, president of Priority One. “Advanced manufacturing is a key segment of our regional industry cluster strategy. Having this type of business back in the area will benefit local commercial businesses and service providers as well.”
In addition to investigating various financial assistance opportunities, Priority One introduced Cedar Crest to the Entrepreneurial Development Center (EDC.) The EDC assisted the start-up company with developing the business plan, building a proper financial plan, securing equity and debt financing, as well as strategic partnering.
“This deal is a great example of how our community benefits from a Priority One and EDC working partnership,” said Curtis Nelson, president and CEO of the EDC. “Because EDC had the expertise where Cedar Crest needed it most, we were able to help structure their business model and secure financing for a deal that worked and will create the necessary jobs and wealth to benefit the Cedar Rapids economy for years to come.”
“Priority One and the EDC worked hand-in-hand to help make this project a reality,” said Doug Miskimen, president of Cedar Crest Manufacturing. “They are great resources for anyone who wants to start their own business.”
The project is contingent upon formal approval of financial assistance through the state of Iowa and Kirkwood Community College, including grants, tax credits and job training funds.
