WASHINGTON,
March 15, 2004—Agriculture Secretary Ann M. Veneman today
announced approval of 28 rural electric guaranteed loans totaling nearly
$385.6 million to expand rural electric infrastructure in 16 states.
“Expansion of rural infrastructure is a first
step in opening the door for expanded rural economic development and improved
quality of life for rural residents,” said Veneman. “These projects
will serve 62,980 future customers, build 4,300 miles of new line and fund
general system-wide modernization.” Through
USDA Rural Development’s utilities program, loans and loan guarantees
are made to finance the construction or replacement of electric transmission
and generation facilities. In fiscal year 2003, the Bush Administration
invested over $6.3 billion in grants, loans and loan guarantees to support
the development and/or improvements to rural electric, telephone and water/wastewater
infrastructure that will help to create or save an estimated 150,000 jobs.
The loans announced today include 25 distribution
projects and three transmission and generation ventures. The generation
and transmission loans will finance construction of new substations, provide
for transmission line and substation changes, build 14.8 miles of 69kV
transmission line, and make other needed modernization changes. The construction
aspect of these loans will create or save an estimated 8,900 jobs while
opening the door for economic development in hundreds of rural communities.
The private capital leveraged by these loans is expected to nearly double
the number of jobs to be saved or created. A complete list of the loan
recipients can be viewed at USDA Rural Development’s website at:
www.rurdev.usda.gov.
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 provides equity and technical assistance to finance
and foster growth in homeownership, business development, and critical
community and technology infrastructure. 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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