http://www.usda.gov/2007/05/0132.xml
Release No. 0132.07
Contact:
Jay Fletcher (202)690-0498
USDA ANNOUNCES $19.75 MILLION IN RURAL BUSINESS LOANS, ECONOMIC DEVELOPMENT LOANS AND GRANTS
WASHINGTON, May 7, 2007 - Agriculture Under Secretary Tom Dorr today announced the award of $19.75 million to create or retain jobs at rural businesses.
"These funds will help support local economic development agencies, finance infrastructure improvements, establish low-interest revolving loan funds, and help jurisdictions implement regional business and community development plans," Dorr said. "The funding announced today is expected to save or create more than 2,300 jobs in 20 states."
The funds are being provided through the USDA Rural Development Intermediary Relending Program and the Rural Economic Development loan and grant program. Funding in the relending program is given to intermediaries, such as community development or regional planning groups, who then re-lend the funds to local businesses. The loans must be used to start new businesses, expand existing ones, or create or retain jobs. The economic development program provides funding to Rural Utilities program borrowers, usually electric and telephone cooperatives, which then provide the money to support job retention or job creation efforts in their service areas.
The following applicants were selected to receive Intermediary Relending Program loan funds:
Recipient State Loan Amount
Pike County Economic Development Corp. AL $500,000
City of Oelwein IA $500,000
Lewis County Industrial Development Authority MO $500,000
Great Northern Development Corp. MT $750,000
Northeast Economic Development, Inc. NE $250,000
Monadnock Economic Development Corp. NH $500,000
Northern Community Investment Corp. NH $750,000
Dunn Area Community of 100, Inc. NC $750,000
Mountain Microenterprise Loan Fund Inc. NC $500,000
Lewis and Clark Regional Development Council ND $750,000
Ohio Community Development Finance Fund OH $500,000
Valley Development Initiatives OR $500,000
Centre County Industrial Development Corp. PA $500,000
Northwest PA Regional Planning & Development Commission PA $250,000
Appalachian Development Corp. SC $750,000
South Dakota Economic Development Finance Authority SD $500,000
The following applicants were selected to receive Rural Economic Development loan funds:
Recipient State Loan Amount
Midland Power Cooperative IA $740,000
Prairie Land Electric Cooperative KS $740,000
Blue Valley Telecommunications Inc. KS $400,000
Madison Telephone, LLC KS $493,000
Hickman-Fulton Counties Rural Electric Co-op Corp. KY $450,000
Great Lakes Energy Cooperative Inc. MI $388,000
Brown County Rural Electric Association MN $740,000
Intercounty Electric Cooperative Association MO $740,000
Caddo Electric Cooperative Inc. OK $400,000
Santee Electric Cooperative Inc. SC $740,000
Weakley County Municipal Electric System TN $740,000
Powell Valley Electric Cooperative TN $200,000
Caney Fork Electric Cooperative Inc. TN $740,000
Upper Cumberland Electric Membership Corporation TN $450,000
The following applicants were selected to receive Rural Economic Development grant funds:
Recipient State Loan Amount
Kauai Island Utility Cooperative Inc. HI $300,000
Northwest Telephone Cooperative Association IA $150,000
Coon Rapids Municipal Electric Authority IA $300,000
Hawkeye Tri-County Electric Cooperative IA $300,000
North West Rural Electric Cooperative IA $300,000
Osceola Electric Cooperative IA $300,000
Wheatland Electric Cooperative KS $275,000
The Golden Belt Telephone Association Inc. KS $300,000
Freeborn Mower Cooperative Services MN $300,000
Pee Dee Electric Cooperative Inc. SC $300,000
Powell Valley Electric Cooperative TN $300,000
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. Rural Development has invested more than $76.8 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, more than 1.5 million 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
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