STATE LOAN: Company Penalized | Business
A Fort Dodge company has been penalized $80,000 for not complying with a state loan.
C & S Products agreed to repay the sum for not complying fully with the terms of the loan agreement.
The original 2009 loan of $200,000 was part of a $3.1-million expansion that went on to create 17 jobs, according to the Fort Dodge Messenger.
As part of the terms, a certain amount of benefits were supposed to be supplied to their workers. According to Tina Hoffman, the marketing and communications director for the Iowa Economic Development Authority, they fell short, ''At the time of completion, they were not offering sufficient benefits that were required in that contract,''
According to Tim O'Tool, vice president of operations at C & S Products, state officials didn’t come forward with the complaint. It only surfaced when the company approached the Iowa Economic Development Authority in November last year to check if they were complying.
''We had a number of requirements we had to meet, all of which we met and maintained with the exception of one health care provision on which we fell out of compliance,'' The Messenger reports.
The settlement was agreed on Friday. Originally, $100,000 was to be forgiven as long as the company met all the requirements established by the state.
On C & S Products’ website, they claim they are the pioneer and undisputed leader in the wild bird suet market.