Iowa Railway Finance Authority approves project funding   October 24, 2007 The Iowa Railway Finance Authority approved $2.8 million in funding for 11 rail improvement projects as part of the Railroad Revolving Loan and Grant Program. The rail projects are expected to support the creation of 467 new jobs, leverage $1.3 billion in new capital investment and reduce transportation costs by $52 million. Included in the program is funding for rail improvement projects at seven bio-energy plants, one industrial development center, and one industrial service site.  Listed below are the approved projects. Iowa Railway Finance Authority Railroad Revolving Loan and Grant Program   Applicant Grant Loan Total Branchline Assistance Projects       CR Terminal - Iowa Northern RR $36,000 $206,000 $242,000 Iowa Traction RR $0 $38,000 $38,000           Sub Total $36,000 $244,000 $280,000 Industrial Service Projects       Norfolk Iron & Metal $810,000 $30,000 $840,000           Sub Total $810,000 $30,000 $840,000 Bio-Energy Development Projects       Big River Resources $75,000 $0 $75,000 Homeland Energy $0 $25,000 $25,000 Oregon Trail Energy $75,000 $0 $75,000 Prairie Creek Ethanol $75,000 $0 $75,000 Raccoon Valley Biodiesel $50,000 $0 $50,000 Unity Ethanol - Cedar River $0 $270,000 $270,000 Unity Ethanol - Ottumwa $159,000 $111,000 $270,000           Sub Total $434,000 $406,000 $840,000 Industrial Park Economic Development Projects       LincolnWay Railport $120,000 $720,000 $840,000           Sub Total $120,000 $720,000 $840,000         PROGRAM TOTALS $1,400,000 $1,400,000 $2,800,000 The Railroad Revolving Loan and Grant Program was established in 2005 for the purpose of providing funding assistance for the improvement of rail facilities that support economic development and job growth. The program is funded by existing loan repayments and appropriation. The program is administered by the Iowa Railway Finance Authority, an independent board staffed by the Iowa Department of Transportation.