WASHINGTON, April 21, 2004 –
Agriculture Secretary Ann M. Veneman today announced that $15.5 million
will be invested in 24 organizations in 16 states and the Virgin Islands
for business development and job creation. This investment further supports
President Bush’s goal to create jobs and improve economic opportunities
in rural communities.
“The Bush Administration is working to promote
economic growth in rural communities,” Veneman said. “These
investments will help community leaders improve rural business opportunities.”
Loans are made available through the USDA Rural Development
Intermediary Relending Program. The aim of business revolving loan funds
is to finance business facilities and community development projects in
rural areas. This is achieved through loans made to intermediaries who
in turn re-lend funds locally to support businesses or community development.
Loans from intermediaries to the recipients must be used to establish
new businesses, expand existing businesses, create employment opportunities,
save jobs or complete community development projects.
In 2003, $39.7 million in 61 revolving loan funds supported
212 businesses and created or saved over 30,000 jobs. Since 2001, the
Bush Administration has invested over $110 million to support local revolving
loan funds.
The following applicants were selected to receive loan
funds:
Applicant
|
Funds to Serve
|
State
|
Loan Amount
|
Arcata EDC
|
Humboldt County
|
CA
|
$500,000
|
Appalachian
Community Enterprises, Inc.
|
Lumpkin County
|
GA
|
$750,000
|
Small Business
Assistance Corporation
|
Chatham County
|
GA
|
$750,000
|
Cape &
Islands Community Development
|
Barnstable
|
MA
|
$750,000
|
Western Maryland
Rural Lending Corporation
|
Garrett, Allegany, Washington, Montgomery and Frederick Counties
|
MD
|
$750,000
|
Midwest Energy
Cooperative
|
Berrien, Cass, Kalamazoo, Lenawee, Monroe, St. Joseph and Van Buren
Counties
|
MI
|
$600,000
|
Butte Local
Development Corporation
|
Southwest Montana
|
MT
|
$750,000
|
East Carolina
Development Company
|
Duplin, Edgecombe, Lenior, Onslow, Pitt, Wayne and Wilson Counties
|
NC
|
$750,000
|
Lumbee River
Electric Membership Corporation
|
Robeson, Scotland, Hoke and Cumberland Counties
|
NC
|
$750,000
|
Mid East
Certified Development Corporation
|
Beufort, Beries, Hereford, Martin and Pitt Counties
|
NC
|
$750,000
|
Piedmont
Development Company
|
13 Counties in Service Area
|
NC
|
$750,000
|
Dakota Certified
Development Corporation
|
Cass County
|
ND
|
$500,000
|
Nebraska EDC
(NEDCO)
|
14 Counties in South Central Nebraska
|
NE
|
$450,000
|
Cooperative
Business Assistance Corporation
|
Cumberland County
|
NJ
|
$800,000
|
North Country
Alliance, LDC
|
St. Lawrence, Franklin and Jefferson Counties
|
NY
|
$750,000
|
Mahoning Valley
EDC
|
Youngstown
|
OH
|
$500,000
|
West Central
Partnership, Inc.
|
Eight Northwest Counties
|
OH
|
$750,000
|
Greater Eastern
Oregon Development Corporation
|
Gillian, Grant, Umatilla, Wheeler, Harney and
Malheur Counties
|
OR
|
$750,000
|
Mid-Columbia
Economic Development District
|
Hood River, Sherman and Wasco Counties
|
OR
|
$600,000
|
Deadwood EDC
|
Deadwood
|
SD
|
$500,000
|
West River
Foundation for Economic Development
|
Sturgis
|
SD
|
$750,000
|
Cen-Tex CDC
|
Counties in CDC’s Service Area
|
TX
|
$680,283
|
Vermont
Development Credit Union
|
Vermont
|
VT
|
$500,000
|
St. Croix
Foundation
|
Entire Territory
|
USVI
|
$200,000
|
Funding of selected applicants will be
contingent upon meeting the conditions of the loan agreement. USDA Rural
Development's mission is to deliver programs that will support increasing
economic opportunity and improve the quality of life for 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. Additional information
about rural programs is available at a local USDA Rural Development office
or on USDA's Web site at http://www.rurdev.usda.gov.
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