LEWIS CENTER, Ohio, July 20, 2010 – Agriculture Secretary Tom Vilsack today highlighted the Obama Administration's commitment to building long-term economic growth though investments provided by the American Recovery and Reinvestment Act (Recovery Act). The Secretary visited an Ohio manufacturing company that is using Recovery Act loan funds to provide jobs and opportunity by capitalizing on emerging energy and technology markets.
"NexTech Materials is a company on the cutting-edge of technology, creating the 21st century jobs consistent with Obama Administration efforts that are laying a new foundation for economic growth," Vilsack said. "USDA's Recovery Act loan programs will not only help the company retain and create good jobs but also help it continue to develop products and technologies that will move our nation into a clean energy future that conserves and protects our environment."
Located in Lewis Center, Ohio, NexTech Materials Ltd., was selected to receive a $214,300 loan guarantee. Established in 1994, the firm produces solid oxide fuel cells that convert hydrocarbon fuels to electricity. NexTech develops and commercializes unique products that enable energy conservation and reduced emissions for a wide range of power applications. The company is moving many of its products from the research and development stage, through prototype validation, and into manufacturing. NexTech partners with companies in many markets to develop innovative products that are marketed and sold worldwide.
USDA Rural Development's Business and Industry Guaranteed Loan Program received $1.57 billion to help rural businesses stimulate their economies and support their communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies and individuals. The funds are targeted 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.
President Obama signed The American Recovery and Reinvestment Act of 2009 into law on Feb. 17, 2009. It is designed to jumpstart the nation's economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
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 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 $140 billion in loans and loan guarantees.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).
