Release No. 0460.09
Contact:
Jay Fletcher (202) 690-0498
AGRICULTURE SECRETARY VILSACK ANNOUNCES MORE THAN $6 MILLION IN ECONOMIC DEVELOPMENT FUNDING
WASHINGTON, Sept. 23, 2009 - Agriculture Secretary Tom Vilsack today announced that 11 recipients have been selected to receive $6.17 million in loans and grants to spur economic development in eight states.
"Rebuilding and revitalizing rural America is an important component of the Obama Administration's goals and these investments will help create economic opportunities in communities throughout the country," Vilsack said.
For example, Osage Municipal Utilities in Osage, Iowa, has been selected to receive a $300,000 Rural Economic Development grant to help build a 29,000-square-foot public safety building for the city. USDA Rural Development funds will be partnered with $60,000 from Osage Municipal Utilities, local fundraising efforts and grants, as well as $1.05 million in tax increment financing. The building will house the police and fire departments and county emergency management staff serving seven rural townships in Mitchell County. The new building will replace a small, 85-year-old fire station where trucks are forced to park just 18 inches apart.
In Waverly, Tenn., Meriwether Lewis Electric Cooperative has been selected to receive a $740,000 loan to provide a zero percent pass through loan to the Humphreys County Nursing Home (HCNH) built in 1967. The loan will finance renovations to the aging 66- bed facility and fund construction of a new 3,320 square foot skilled rehabilitation wing. The expansion is necessary to meet state regulatory requirements to provide professional physical and occupational therapy within the county. The addition also provides space for HCNH staff to provide Adult Day Care services to improve patient's cognitive, social, dietary and physical needs of the area's aging population. The county is contributing an additional $252,000 to the project that will add 10 jobs for healthcare providers.
USDA's Rural Economic Development Loan and Grant program provides zero-interest loans and grants to local utilities that re-lend money to local businesses for projects that will create and retain jobs in rural areas. Funding of each recipient is contingent upon the recipient meeting the conditions of the loan or grant agreement.
The Rural Economic Development Loan and Grant Program recipients announced today include:
Iowa:
Osage Municipal Utilities - $300,000 grant
Western Iowa Power Cooperative - $666,250 loan
Kansas:
The Golden Belt Telephone Association, Inc. - $740,000 loan
Midwest Energy, Inc. - $171,156 grant
Minnesota:
Consolidated Telephone Company - $740,000 loan
Federated Telephone Cooperative - $250,000 grant
Mississippi:
Southwest Mississippi Electric Power Association - $740,000 loan
South Carolina:
Pee Dee Electric Cooperative, Inc. - $740,000 loan - $300,000 grant
South Dakota:
Kingsbury Electric Cooperative, Inc. - $300,000 grant
Tennessee:
Meriwether Lewis Electric Cooperative - $740,000 loan
Virginia:
Highland Telephone Cooperative - $480,000 loan
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at www.rurdev.usda.gov/rbs/busp/bprogs.htm.
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