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Source: USDA, 7/18/13
Agriculture Secretary Tom Vilsack today announced the selection of organizations in 11 states for loans and grants to support job creation efforts and business development, and to strengthen economic growth in rural communities. The U.S. Department of Agriculture (USDA) remains focused on carrying out its mission, despite a time of significant budget uncertainty. Today's announcement is one part of the Department's efforts to strengthen the rural economy. The announcement was made on the Secretary's behalf by USDA Rural Utilities Service Administrator John Padalino while he was attending the annual National Rural Economic Developers Association meeting in Austin, Texas.
"These investments will give rural businesses and local organizations more access to capital and new markets, allowing them to expand and increase hiring," Vilsack said. "Between 2009 and 2011, USDA used $1.4 billion in government funds to provide nearly $7 billion in loans and grants to help rural businesses grow and innovate. This kind of investment creates and saves jobs in rural communities and builds thriving economies for the long term, all major goals of the Obama Administration and USDA."
The $11.8 million announced today is being provided through USDA's Rural Economic Development Loan and Grant program (REDLG). It provides zero-interest loans and grants to local utilities which then, in turn, lend the funds through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The program funds business start-up or expansion, business incubators, education and training facilities and equipment, community development assistance, health care and other community projects that support rural jobs.
Since the beginning of the Obama Administration, the REDLG program has helped create or save an estimated 25,000 rural jobs, provided $200 million in economic development assistance, improved manufacturing capability, expanded health care and educational facilities, and has either expanded or helped establish over 900 rural businesses and community projects.
Today's announcement will support 26 projects in 11 states. The following is a list of N.C. rural utilities that will receive USDA funding, which is contingent upon the recipient meeting the terms of the loan or grant agreement.
North Carolina
· Piedmont Electric Membership Cooperative – $300,000 grant. Funds will be used to establish a loan fund to help Bethel Hill Charter School build an addition that will house eight new classrooms. This project will create three jobs.
· EnergyUnited Electric Membership Cooperative – $1 million loan and $300,000 grant. The funds will create a pass-through loan be used to provide a more efficient heating and cooling system and upgrade the lighting in West Iredell High School.
· Four County Electric Membership Corporation – $300,000 grant. Funds will be used to establish a loan fund to help Pender County Emergency Medical Services purchase new vehicles and equipment. This project will create four jobs.
· French Broad Electric Membership Corporation – $300,000 grant. Funds will be used to capitalize a loan fund to help a local community college build an advanced manufacturing school.
Blue Ridge Electric Membership Corporation – $1 million loan. Funds will be used to expand a pharmaceutical manufacturing company. The project will create approximately 40 jobs and save 50.
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