Link: http://www.usda.gov/2005/05/0174.xml Release No. 0174.05 Ed Loyd (202) 720-4623 Tim McNeilly (202) 690-0498 USDA ANNOUNCES INVESTMENT OF $15.4 MILLION IN BUSINESS DEVELOPMENT FUNDS FOR RURAL AMERICA Funding to Create or Save Over 3,000 Rural Jobs/ 584 Rural Business Ventures WASHINGTON, May 19, 2005-Agriculture Secretary Mike Johanns today announced the selection of 83 applicants in 29 states that will receive approximately $15.4 million in grants and loans for business development and job creation. The funds support President Bush's efforts to create jobs and improve economic opportunities in rural areas. "Small businesses are the backbone of our rural economy, their entrepreneurial spirit and commitment to their community is helping to create jobs and bring economic stability to rural communities across our nation," said Johanns. "These loans and grants will provide the infusion of much needed investment financing for more rural businesses to flourish." Three types of business grant and loan programs are being awarded through USDA Rural Development to finance or develop small and emerging businesses for the targeted areas and Tribal organizations. They are: Rural Business Enterprise Grants, which can be used for a variety of purposes, including technical assistance, machinery and equipment purchases, revolving loan fund creation and building construction, Rural Business Opportunity Grants, which can be used to pay costs of providing economic planning for rural communities, technical assistance for rural businesses, or training for rural entrepreneurs or economic development officials and; Rural Business Intermediary Relending Program, which provides loans to intermediaries who re-lend to individual recipients for establishing new businesses, expanding existing businesses, creating employment opportunities and saving of existing jobs or for community development projects. Of the approximately $15.4 million announced, USDA Rural Development will provide more than $10.4 million to high poverty rural communities and more than $5 million to Tribal organizations. Funding of selected applicants will be contingent upon meeting the conditions of the loan or grant agreement. A list of the individual awards can be found at http://www.rurdev.usda.gov/rd/newsroom/news.htm. 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.
