Release No. 0058.05 Jim Brownlee (202) 720-4623 Tim McNeilly (202) 690-0498 USDA INVESTS $6.9 MILLION IN BUSINESS DEVELOPMENT FOR RURAL AMERICA Funding will Create or Save Over 550 Rural Jobs/ 53 Rural Business Ventures WASHINGTON, Feb. 22, 2005 - Agriculture Secretary Mike Johanns today announced that $6.9 million will be invested in 13 organizations in 10 states for business development and job creation. This investment further supports President Bush's goal to create jobs and improve economic opportunities in rural communities. "Increasing the number of entrepreneurs is part of President Bush's commitment toward enhancing America's Ownership Society - most notably by increasing business and home ownership opportunities for more Americans," said Johanns. "These grants will help create jobs and expand the economic base of their community." Loans are made available through the USDA Rural Development Intermediary Relending Program. The aim of business revolving loan funds is to finance business facilities and community development projects in rural areas. This is achieved through loans made to intermediaries who in turn re-lend funds locally to support businesses or community development. Loans from intermediaries to the recipients must be used to establish new businesses, expand existing businesses, create employment opportunities, save jobs or complete community development projects. The Intermediary Relending Program is an important tool in USDA Rural Development's overall toolbox of loan and grant programs," said Agriculture Acting Under Secretary for Rural Development Gilbert Gonzalez. "We are working with rural communities across the nation to enhance their economic opportunities and improve their quality of life by providing an array of investment programs that when put together bring a holistic approach to rural economic development." In 2004, $39.7 million in 63 revolving loan funds supported 223 businesses and created or saved over 30,000 jobs. Since 2001, the Bush Administration has invested over $149 million to support local revolving loan funds. The following applicants were selected to receive loan funds: Applicant Funds to Serve State Loan Amount Valley Economic Development Corporation Los Angeles County CA $500,000 Clearwater Economic Development Association, Inc. Nez Perce County ID $400,000 Prairie Hills Resource Conservation and Development, Inc. McDonough County IL $750,000 Mountain Microenterprise Fund, Inc. Buncombe County NC $250,000 Lewis and Clark Regional Development Council Burleigh County ND $450,000 Ho-Chunk Community Development Corporation Thurston County NE $200,000 Mount Washington Valley Economic Council Carroll County NH $500,000 Northern Community Investment Corporation Coos and Carroll Counties NH $750,000 Rural Nevada Development Corporation White Pine County NV $500,000 Columbia-Pacific Economic Development District Columbia, Clatsop, Tillamook and Western Washington Counties OR $400,000 Eden Economic Development Corporation Concho County TX $750,000 Palmview Economic Development Corporation Hidalgo County TX $750,000 Roma Economic Development Corporation Starr County TX $750,000 USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development has invested over $50 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over 800,000 jobs have been created or saved through these investments. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA's web site at http://www.rurdev.usda.gov. # USDA News oc.news@xxxxxxxx 202 720-4623 ---------------------------------------------------- To unsubscribe, send email to oc.news@xxxxxxxx and reference your email address.
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