Rural Job Creation In 19 States Target Of Usda Funds Of $12.3 Million
Twenty-three Applicants from 19 states have been selected to receive over $12.3 million in loan and grant funds for the United States Department of Agriculture to assist with job and business development.
The $12.3 million investment will help finance over 156 rural businesses, enabling them to create or save over 1,349 jobs. Many recipients will use the funding to expand businesses that play a major role in their communities, make available increased and more advanced health care, provide for the installation of sewer, water and power to businesses, and to capitalize on tourism to rural areas. The funds are also being given to assist Tribal governments with developing their own local businesses.
In Minnesota for example, North Itasca Electric Cooperative, Inc. of Big Fork, Minnesota was selected to receive a $450,000 loan which they will use to provide a loan to assist in the remodeling and construction of a new addition to the North Itasca Health Care Center. This will provide its rural users with more advanced and available health care.
Our Daily Bread, Inc., a hometown bakery, was selected to receive $70,000 in order to expand their family business, which is currently based out of their garage. Their funds will be put towards renovating a local building in their town, acquiring additional equipment and a delivery van. Their new location on main street will provide a social gathering point for their community members who wish to do business at their bakery.
Over $10 million of the loans announced today will support local business revolving loan funds to finance business facilities and community development projects in rural areas by re-lending funds locally to support business or community development.
The remaining $2 million will support local cooperative organizations, which will utilize the funds by providing loans or grants to support local economic or community development efforts.
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.