Washington,
DC - Rural Business Cooperative-Service Administrator Sam Rikkers announced
Tuesday the USDA is seeking applications for loans and grants to help support
the start-up or expansion of rural businesses.
"Our
small, rural businesses need financing to compete in the global economy,"
Rikkers said. "With this announcement, USDA is demonstrating its continued
commitment to investing in small towns and rural communities. These loans and
grants will spur entrepreneurship, create jobs and improve the quality of life
in rural America."
The
funding is being provided through the Rural Economic Development Loan and Grant
(REDLG) program. Under this program, USDA provides zero-interest loans and
grants to local utilities, which use the funding to create revolving funds for
projects that will create or retain jobs in rural areas.
USDA
is making $37 million in loans and $11 million in grants available. A recipient
may receive a loan of up to $1 million, or a grant of up to $300,000.
Since
2009, USDA has invested more than $330 million in loans and grants through the
REDLG program.
In
2015, Aiken Technical College in Graniteville, S.C., received a $1 million loan
to build a facility to provide training in advanced manufacturing. The
35,000-square-foot facility, called the Center for Energy and Advanced
Manufacturing, or CEAM, will help the college's students graduate with degrees
in technically advanced fields of study.
The
REDLG program has also been successful in StrikeForce counties. The StrikeForce
for Rural Growth and Opportunity Initiative is part of the Obama
Administration's commitment to address persistent poverty across America. As
areas of persistent poverty are identified, USDA staff work with state, local
and community officials to increase awareness of USDA programs and help build
program participation through intensive community outreach and technical
assistance. In 2015, the South Mississippi Electric Power Association used part
of a $2 million REDLG loan to help the city of Greenwood buy and renovate a
building for the Milwaukee Tools company. Once completed, this project is
expected to create more than 100 jobs in Lenore County, a designated
StrikeForce area.
For
information on how to apply for REDLG loans or grants, contact your Rural
Development state office or see page 14415 of the March 17 Federal Register.
The first round of applications is due March 31, 2016, and the second round of
applications is due June 30, 2016.
President
Obama's historic investments in rural America have made our rural communities
stronger. Under his leadership, these investments in housing, community
facilities, businesses and infrastructure have empowered rural America to
continue leading the way – strengthening America's economy, small towns and
rural communities.
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