Freedom Racing Continues to Expand in Lamoni
Freedom Racing has experienced continuous growth since they opened the doors to its brand new corporate headquarters in Lamoni. Their newest expansion is a 3,800 sq. ft. addition to their 9,000 sq. ft. headquarters. The expansion will allow the business to improve and enlarge the packing area, and separate shipping and receiving in order to increase efficiency and flow. The company expects to grow from 22 to 30 employees or more in the next few years.
Freedom Racing opened the doors to its brand new corporate headquarters in Lamoni in 2015. They had outgrown their previous location in downtown Lamoni and had been looking to relocate outside of Lamoni. To keep one of its most valuable businesses, the Lamoni Development Corporation applied for and received financial assistance from Aureon and GRM to build a new facility in the Lamoni Business Park.
Aureon provided a $75,000, 10-year loan at 3.25% interest; while GRM provided a $65,000 loan at the same terms and a $10,000 grant. Additional financing for the project was also secured through a third lending partner, Central Iowa Power Cooperative (CIPCO) located in Cedar Rapids, Iowa.