| Objective |
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Increase the volume of soybeans used
and processed in Iowa, particularly in soy-based industrial, identity-preserved,
and food industries. |
| Qualifying
Projects |
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Areas eligible for matching funds: |
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Feasibility studies |
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Market research |
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Business plans |
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Marketing plans |
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Marketing implementation (web site development,
creating marketing materials, and paid media such as radio, print
ads, etc.) |
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Areas ineligible for matching funds |
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Project creation (analysis of various
business structures, etc.) |
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Expenses related to business investment
(creating a prospectus, meetings to attract or educate investors,
etc.) |
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Grant-writing |
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Equipment, buildings, or other tangible
assets |
| Award Parameters |
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The legal entity that forms the business
or cooperative must be at least 51% farmer-owned by farmers residing
in Iowa. |
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The project must primarily benefit soybeans.
For example, producer-owned biodiesel plants using virgin (first-use)
soybean oil exclusively would qualify. Biodiesel plants that are
feedstock-neutral and may not use soybean oil as their primary feedstock
will receive a lower scoring by the award review committee compared
to those exclusively using first-use soybean oil. |
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For the October 1, 2005 through September
30, 2006 time period, a maximum of $5,000 in matching awards will
be provided to up to 10 entities. |
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Entities are limited to receiving one
$5,000 matching award for the life of the entity. Receipt of a traditional
Ag Innovation Center funding (not specific to soybeans) does not
count toward this $5,000 limit. |
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The matching dollars for this soybean-specific
award must come directly from the producer group rather than from
a governmental agency or other external grants/awards. |
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Ag Innovation Center Staff, Iowa Soybean
Promotion Board staff, and at least two ISPB directors will review
applications. Approval from the entire Ag Innovation Center Board
is not needed. The same confidentiality that applies to traditional
Ag Innovation Center applications will apply to these soy-specific
applications. |
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The award review team reserves the right
to prioritize award applications based on the dynamics impacting
soybean demand at that time. For instance, if there is a soybean
oil surplus, applications focusing on soybean oil may be a higher
priority. Similarly, projects that use soybean stubble or hulls
would not be as important to further the objective above. |
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The award recipient will use the funds
received in a manner consistent with national checkoff requirements.
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Once the award is approved, two external
estimates of the work to be completed are required for any expense
exceeding $500. These estimates must be submitted to the Ag Innovation
Center before commencing the project. |
