DES MOINES, Iowa (AP) — A software company headquartered in Ames and in California was awarded state incentives Friday for an expansion that company officials said includes adding 700 jobs in Ames and constructing a new building.
WebFilings develops applications to help businesses file financial reports.
It received approval Friday for $5 million in loans from the Iowa Economic Development Authority board. Half of the money is a forgivable loan, which means the company is not required to repay it if it creates the promised jobs. The other half is a 5-year, zero-interest loan. The company also is requesting $500,000 in tax credits from the state and 10 years of property tax abatement worth $2.7 million from the city of Ames.
The company said in documents filed with the IEDA board that it needs additional employees to meet market demand. The expansion is expected to be completed in the second quarter of 2017. The company plans to spend about $15.5 million on the project.
"The state of Iowa has been a long-time supporter of WebFilings," said CEO Matthew Rizai said in a statement. "This is just one of the reasons why we have chosen to scale our software company in Ames. Today's award is another example of Iowa's commitment to growing quality jobs."
WebFilings, a privately held company, was founded in 2008 to help large companies deal with the complications of filing regulatory reports with the Securities and Exchange Commission.
It has more than 1,600 customers including large corporations such as Best Buy, CSX Corp., Dow Chemical Co. and Heinz.
In addition to offices in Ames and Mountain View, Calif., WebFilings is in eight other U.S. cities, and has locations in Canada, the United Kingdom and the Netherlands.
The company currently employs more than 800 workers.