STORM LAKE — A $2 million loan from the federal government will help to finance the Iowa Central Community College Career Academy building nearing completion in Storm Lake.

“We’re really excited,” college President Jesse Ulrich said Wednesday afternoon. “It’s going to be a great partnership between the college, the communities and the businesses there.”

The $10 million facility on the north side of Storm Lake is scheduled to open this fall.

Among other things, it will be a center for training health care workers, such as certified nursing assistants. There will be four nursing labs in the building. English language learner classes and classes for non-traditional students working to earn their high school diplomas will also be held there.

“This is a huge workforce training benefit,” Ulrich said of the new facility.

The financial assistance announced this week comes from the United States Department of Agriculture Rural Development program.

Specifically, the money will come from the Rural Economic Development Loan and Grant Program.

Because of the way the federal program is structured, the money is not coming directly to the college. Instead, it is going to the Iowa Lakes Electric Cooperative, which will then pass it on to Iowa Central.

Ulrich said getting this loan allows the college to defer borrowing from other sources at higher interest rates.

Construction of the new Storm Lake facility began in March 2023. Jensen Builders Ltd., of Fort Dodge, is the general contractor.