Lamoni Development Corporation Receives Ripple Effect Loan
Iowa Network Services (INS), located in West Des Moines, Iowa, has partnered with GRM Networks (GRM), headquartered in Princeton, Missouri to provide loan assistance to the Lamoni Development Corporation (LDC). INS and GRM are teaming up to loan $140,000 to LDC for the development of a new headquarters for Freedom Racing, an e-commerce company specializing in the sale of new and refurbished automotive specialty tools and car parts.
Freedom Racing has outgrown its current location in downtown Lamoni, and was looking outside of Lamoni for a new location. The loan assistance provided by INS and GRM will help LDC build a new 9,000 square- foot facility in the Lamoni Business Park, which Freedom Racing will lease and operate from as their new headquarters. In addition to the loan, GRM Networks also awarded a $10,000 grant to LDC for the project. A third lending partner in the project is Central Iowa Power Cooperative (CIPCO), headquartered in Cedar Rapids, Iowa.
“Lamoni Development has provided the type of community leadership in this situation that INS and its shareholder, GRM Networks, supports and respects. We are pleased that we can partner to keep a growing company like Freedom Racing in Lamoni,” states Mike Eggley, Chief Operating Officer of INS.
According to GRM Chief Executive Officer, Ron Hinds, “Our company’s loan will help Lamoni Development build the type of facility necessary for the community and provides a response necessary to keep one of its most valuable companies. We are proud to be part of the effort.”
About GRM Networks
GRM Networks is a member owned cooperative that provides communication services to customers located within a 4,500 square mile radius that covers 44 exchanges in Northern Missouri and Southern Iowa. GRM Networks is dedicated to delivering reliable, advanced communications technology while providing an exceptional customer experience. GRM Networks is committed to promoting and investing in its local communities. LTC Networks & SCC Networks are subsidiaries of GRM Networks. For more information about GRM Networks, visit www.grm.net.