Source:  USDA, 3/30/10

Agriculture Secretary Tom Vilsack announced today that loan guarantees are being provided through the U.S. Department of Agriculture to businesses in 24 states to provide economic opportunities and promote job creation. The funding is made available through the American Recovery and Reinvestment Act (Recovery Act).

"To bring prosperity to rural America in a meaningful, significant way, we have to expand business opportunities and create jobs," said Vilsack. "These loan guarantees will boost local economies and support job creation, making rural America more competitive for generations to come. Some of these guarantees will also support President Obama's comprehensive renewable energy strategy by promoting renewable fuel production."

For example, Viscon California, LLC has been selected to receive a $4.25 million guaranteed loan to continue manufacturing and distributing environmentally beneficial fuel additives and related products at a plant in Bakersfield, California. The patented hydrocarbon additive reduces nitrogen oxides and particulate matter emissions, improves engine efficiency and increases horsepower when added to diesel or biodiesel.

Oklahoma Material Recycling, LLC was selected to receive a $10 million guaranteed loan to bring metals recycling technology to the rural community of Atoka, Oklahoma. Together with $8.43 million of private investment, the firm will develop a manufacturing plant to recycle oil refinery waste, creating technical grade molybdenum oxide powder, a corrosion resistant hardening additive for stainless and other alloy steels.

The loan guaranteed funding announced today supports 44 projects and totals $101.6 million. USDA Rural Development's Business and Industry Guaranteed Loan Program received $1.57 billion in Recovery Act funding from Congress to help rural businesses stimulate their economies and support their communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies, and individuals. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.

More information about USDA's Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal Government's efforts on the Recovery Act is available at www.recovery.gov.

A list of borrowers receiving loan awards is shown below. Funding is contingent upon borrowers meeting conditions in the loan agreement.

North Carolina

* Direct Marketing Access, Inc.; Self Help Credit Union: $450,000 loan

* Madison Greenlight 2009, LLC; Branch Banking & Trust: $1,080,000 loan

* Cynthia Elias / Edward J. Elias dba Creek Side Veterinary Hospital; Southern Bank: $824,000 loan