Agriculture Secretary Tom Vilsack announced Tuesday the selection of 28 recipients in rural communities for loans and grants to spur economic development and create or save jobs.
"The funding will help rural businesses, entrepreneurs and tribal communities obtain the financing they need to grow their businesses and create jobs," Vilsack said.
Loans and grants are provided through the USDA Rural Economic Development Loan and Grant program, the Intermediary Relending Program, and the Rural Business Enterprise Grant program.
In Arkansas, a $500,000 rural economic development loan will go to a nursing home to finance a new, 140-bed facility. This effort is expected to create 15 jobs and save 141 jobs. In Minnesota, Beltrami Electric Cooperative, Inc. is selected to receive a $195,108 rural economic development grant to help fund infrastructure improvements for an industrial park. This project is expected to create 346 jobs. With today's announcement, USDA is providing funding for 19 REDLG projects.
USDA Rural Development's RBEG program is funding nine projects to assist rural businesses and citizens and improve public transit for tribal communities in several states. The RBEG program provides grants to small and emerging rural businesses for projects such as distance learning networks and employment-related adult education programs. Rural public entities, Indian tribes and rural private non-profit corporations are eligible to apply for funding under this program.
The Community Transportation Association of America, Inc. (CTAA) was selected to receive a $250,000 grant to provide technical assistance to develop public transit programs for tribes, and a $500,000 Rural Business Enterprise Grant to provide technical assistance to enhance public transit in rural communities in Arizona, Wisconsin, Wyoming and Michigan.
USDA's IRP is designed to increase economic activity and employment in rural communities. Under this program, loans are provided to local organizations (intermediaries) to establish revolving loan funds. These revolving loan funds are used to finance business and economic development activity to create or retain jobs in disadvantaged and remote communities.
For a list of all recipients selected for funding under today's announcement, please click here. Funding is contingent upon the recipient meeting the terms of the loan or grant agreement.