HARRISBURG, Pa., May 7, 2010 – Agriculture Secretary Tom Vilsack today announced that USDA is providing loan guarantees to 90 businesses in 32 states, the Virgin Islands and the commonwealth of Puerto Rico to provide economic opportunities and create jobs. The funding is made available through the American Recovery and Reinvestment Act of 2009 (Recovery Act). Vilsack made the announcement today at the Pennsylvania State Capitol. The Secretary made the announcement on the same day that the Labor Department announced that Nonfarm payroll employment rose by 290,000 in April. Job gains occurred in manufacturing, professional and business services, health care, and leisure and hospitality. (See http://www.bls.gov/news.release/pdf/empsit.pdf)
“Today’s announcement is great news for rural communities across America, providing important investments to businesses that will create jobs and stimulate local economies,” Vilsack said. “Supporting residents in rural communities is one of the many ways the Obama Administration and USDA are working to rebuild and revitalize rural America.”
The $299 million for the 90 guaranteed loans announced today is being provided by USDA Rural Development’s Business and Industry Guaranteed Loan Program. Including today’s announcement, the loan guarantees that USDA has provided to more than 350 businesses in the last seven months will help create or save an estimated 23,500 jobs.
In Ida Grove, Iowa, Quad County Corn Processors Cooperative has been selected to receive a $1.5 million guaranteed loan to purchase and install equipment for a 30-million-gallon-per-year ethanol plant. The guaranteed loan will increase the cooperative’s income from the sale of corn oil.
In rural Massachusetts, Community Health Programs, Inc. has been selected to receive a $3.6 million guaranteed loan to construct a new health facility. The project, which will leverage an additional $322,000 from other sources, will allow Community Health Programs to offer increased access to its services throughout Berkshire County. Its current facility has 14 exam rooms and limited space to offer its community programs. The new facility will include a 19-room clinic and greatly increased space for community programs. The borrower is a federally-recognized community health clinic and provides outpatient medical services to low-income and vulnerable populations.
Through the Recovery Act, USDA Rural Development received $1.57 billion for Business and Industry guaranteed loans to help rural businesses stimulate their economies and support local communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies and individuals. Funds must be used to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.
More information about USDA’s Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal government’s efforts on the Recovery Act is available at www.recovery.gov.
A list of borrowers receiving guaranteed loans is shown below. Funding is contingent upon borrowers meeting conditions in the loan agreement.
Alabama
· Hokes Bluff Construction, Inc.; Keystone Bank: $700,000 loan.
· Wadley Holdings, LLC; Union Bank: $6,480,000 loan.
Alaska
· Drennon Construction and Consulting, Inc.; Mt. McKinley Mutual Savings Bank: $600,000 loan.
· FV Redemption; Alaska Pacific Bank: $1,100,000 loan.
Arizona
· National Vitamin Company; Comerica Bank: $4,400,000 loan.
California
· RMC Engineering, Co. Inc. et al.; California Coastal RDC: $1,300,000 loan.
· Van Ryn Brothers et al.; Community Bank of San Joaquin: $520,000 loan.
· Golden By-Products, Inc. & Ag-Link, Inc.; Premier Valley Bank: $1,550,000 loan.
· Golden By-Products, Inc. & Ag-Link, Inc.; Premier Valley Bank: $650,000 loan.
· Donald W. Johnson; Pan Pacific Bank: $6,100,000 loan.
· Fernando Gonzalez; Borrego Springs Bank: $2,102,000 loan.
· Kaushik S. and Pratibha K. Patel; Valley Community Bank: $4,190,000 loan.
· Anvaya Enterprises, LLC; Global Trust Bank: $3,096,621 loan.
Georgia
· Tonymagi Investments, LLC, and C. Anthony Okeke; Charter Bank: $3,374,000 loan.
· Valdosta Mall Corners, GP; Guardian Bank: $6,000,000 loan.
Idaho
· Emerald Forest Products, Inc.; Western Capital Bank: $2,000,000 loan.
· Pam & Jim Lippi; Americanwest Bank: $542,793 loan.
· TNA, LLC; Northwest Farm Credit Services: $500,000 loan.
· Inland Northwest Bank: $3,000,000 loan.
Illinois
· AG Manufacturing Rochelle; Chemical Bank: $1,470,000 loan.
· Pennell Forklift Service; First National Bank of Arenzville: $2,350,000 loan.
Iowa
· GMT Corporation; Cedar Rapids Bank & Trust Co.: $9,000,000 loan.
· Quad County Corn Processors Cooperative; United Bank of Iowa: $1,500,000 loan.
· Premier Tooling, Inc.; Dubuque Bank and Trust: $5,625,000 loan.
Kansas
· Mojo’s Pizza, Pasta and More, LLC; First Neodesha Bank: $100,000 loan.
· Emerald Springs, LLC; Peoples Bank and Trust Company: $2,200,000 loan.
Kentucky
· Whitworth Tool, Inc.; First State Bank: $5,500,000 loan.
· Mid-State Recycling Co.; South Central Bank: $5,505,000 loan.
· McKechnie Vehicle Components, US, Inc.; Citizens Commercial National Bank: $5,000,000 loan.
· Lincoln Manufacturing USA, LLC; Kentucky Highlands Investment Corporation: $9,850,000 loan.
· B&H Toolworks; Kentucky Highlands Investment Corporation: $2,300,000 loan.
Louisiana
· Tammany Dirt Company, LLC; Central Progressive Bank: $5,000,000 loan.
· Great Southern Galvanizing, Inc.; Iberia Bank: $10,000,000 loan.
Massachusetts
· Community Health Programs, Inc.; Salisbury Bank and Trust Company: $3,600,000 loan.
Michigan
· Aztec Manufacturing; Level One Bancorp, Inc.: $3,900,000 loan.
· GAPA Properties; First Federal of Northern Michigan: $226,000 loan.
· The DataCom Group; MSUFCU: $732,863 loan.
· Handsome Henry’s; Shelby State Bank: $857,500 loan.
· Chelsea Lumber; United Bank & Trust Washtenaw: $3,100,000 loan.
· Orbitform, LLC; Comerica Bank: $2,590,000 loan.
Minnesota
· Home Federal Savings Bank: $10,000,000 loan.
· Singleteary Food Solutions, LLC; Pioneer Bank: $6,390,133 loan.
Mississippi
· Shuqualak Lumber Co. Inc.; Bankfirst Financial Services: $1,500,000 loan.
Missouri
· MoAn of Ava, LLC; Ridgestone Bank: $2,400,000 loan.
· MoAn of Clinton, LLC; Ridgestone Bank: $600,000 loan.
· MoAn of Joplin, LLC; Ridgestone Bank: $4,700,000 loan.
· MoAn of Lamar, LLC; Ridgestone Bank: $3,000,000 loan.
· MoAn of Thayer, LLC; Ridgestone Bank: $3,700,000 loan.
· Gilbert Industries Inc.; Old Missouri Bank: $575,000 loan.
· Hayes, Brenda; Central Bank of Lake Ozark: $150,000 loan.
· Raymond’s Boat and Motor Sales; Great Southern Bank: $750,000 loan.
Montana
· Nelcon, Inc.; Valley Bank of Kalispell: $1,775,750 loan.
· Bennett Motors, Inc. and Block 360, LP; First Interstate Bank: $1,200,000 loan
Nevada
· Lakeview Village ALF, LLC; First International Bank: $7,125,000 loan.
New York
· Hadibaig Management, LLC; Home Loan Investment Bank FSB: $352,000 loan.
· Piepenkotter Living Trust; Excel National Bank: $1,135,300 loan.
North Carolina
· MidAtlantic Warehouse IV; Southern Bank and Trust Company: $2,200,000 loan.
· Carolina Insulation; Cornerstone Bank: $1,050,000 loan.
· Hornwood, Inc.; Anson Bank & Trust Co.: $5,000,000 loan.
· Stanly Fixtures Acquisition, LLC; Bank of Stanly: $1,008,000 loan.
· East Coast Entertainment of Forest City, LLC; Lender Surry Bank & Trust: $2,974,000 loan.
· Grandview Manor; Home Trust Bank: $1,203,000 loan.
· Cherokee Enterprises; Minnesota Bank & Trust: $1,082,000 loan.
· Red Springs Auto Sales; Southern Bank: $765,000 loan.
· Company Shops Market; Fidelity Bank: $1,100,000 loan.
Ohio
· Seneca Medical, Inc.; Fifth Third Bank: $4,800,000 loan.
· NexTech Materials, LTD; Commerce National Bank: $214,300 loan.
· Pride of the Hills Manufacturing; The Commercial & Savings Bank: $1,940,000 loan.
· Schilling Graphics, Inc.; Firstmerit Bank: $500,000 loan.
Oklahoma
· Danlin Industries Corporation; Bank of Western Oklahoma: $2,000,000 loan.
· Georges Colliers, Inc.; First Bank and Trust Co.: $3,600,000 loan.
Oregon
· L&H Grading, Inc.; Citizens Bank: $4,230,170 loan.
· Coos Bay Properties, LLC; Summit Bank: $3,400,000 loan.
Pennsylvania
· Gulf Trading & Transport, LLC; Metro Bank: $5,400,000 loan.
Puerto Rico
· Bloom Produce, Inc.; Economic Development Bank for Pr: $2,159,134 loan.
· Rafael Santiago dba La Marina 2; Coop Ahorro y Credito de Aguada: $987,000 loan.
South Carolina
· Benore Leasing, LLC; Appalachian Development Corporation: $2,700,000 loan.
South Dakota
· Harold Grain Company, LLC; Bankwest Inc.: $7,500,000 loan.
Tennessee
· Carrick Glen Senior Living, LLC; TN Commerce Bank: $4,850,000 loan.
· Fountains of Franklin, LLC; TN Commerce Bank: $9,950,000 loan.
Texas
· MCA AFS Central Texas, Ltd.; Valliance Bank of Texas: $6,532,950 loan.
Utah
· Diamond K Gypsum, Inc.; US Bank: $2,920,000 loan.
Virgin Islands
· Love City Ferries; Independence Bank: $3,750,000 loan.
Virginia
· Porterfield, Inc., dba R&C Towing & Repair; First Bank & Trust Company: $260,000 loan.
· The Courtyard at Mount Hermon, LLC; First State Bank: $5,550,000 loan.
Washington
· Steve and Gail Wessels dba Mac’s Cycle; Banner Bank: $1,550,000 loan.
Wisconsin
· Skana Aluminum Company; Community Bank and Trust: $10,000,000 loan.
· Advertisers Press, Inc.; Wisconsin Community Bank: $8,000,000 loan.
· Weather Shield Manufacturing and related co-borrowers; Ridgestone Bank: $10,000,000 loan.
· CAP Services, Inc.; United Farm Credit Services: $5,915,659 loan.
USDA, through its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a national network of 6,100 employees located in 500 national, state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $134 billion in loans and loan guarantees.
