Shunned by its bank, an 82-year old Iowa grain elevator company was saved from closing its doors for good thanks to a loan from a credit union.
The Ottumwa, Iowa-based Community 1st Credit Union recently provided a guaranteed loan to Troy Elevator through the U.S.D.A. Rural Development Loan Program. The $310 million CU began working with the business in December 2009. After receiving the loan this month, Troy Elevator was able to reorganize their operations and keep all 40 jobs in Iowa.
"We knew Troy Elevator was having issues with their lender and we didn't want to see them close their doors," said Terry Maloy, president/CEO of Community 1st. "We care not only about Troy Elevator, the communities they are in, but also their employees and families as well."
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