Source: USDA, 5/15/14
 
As part of the Obama Administration's efforts to invest in infrastructure that will expand opportunity for all Americans, Agriculture Secretary Tom Vilsack today awarded organizations in 14 states loans and grants to support rural infrastructure, job creation efforts and business development.

"Our small rural businesses need first-class infrastructure to be world-class competitors in the global economy," Vilsack said. "To achieve our community-based development goals, USDA is investing in the infrastructure of the rural economy by providing loans and grants to local partners who can leverage the funds with other financing for projects that have broad economic impacts."

The funding is being provided through USDA's Rural Economic Development Loan and Grant (REDLG) program. Under this program, USDA provides zero-interest loans and grants to utilities that lend funds to local businesses for projects to create and retain employment in rural areas. These revolving loan funds broaden the program's reach and create a multiplier effect for its impact.

Energy United Electric Membership Corporation:

    $1,000,000--To help the Town of Mocksville purchase land for a textile manufacturing facility. The business plans to invest more than $100 million in the project and create 292 jobs.
         $2,000,000 --To help Davie County purchase equipment for a textile manufacturing facility.


Piedmont Electric Membership Cooperative:      $237,500 --To finance a water tanker truck for the Eno fire department.

 

In total, Vilsack announced today $22.3 million in loans and grants for REDLG projects in 14 states.
Awards for the recipients of the Rural Economic Development Loan and Grant Program and other infrastructure assistance are contingent upon the recipients meeting the terms of the loan or grant agreement.

Since the beginning of the Obama Administration, the REDLG program has helped create or save more than 25,000 rural jobs, provided almost $202 million in economic development assistance, improved manufacturing capability, expanded health care and educational facilities and has either expanded or helped establish almost 1,000 rural businesses and community projects.

The REDLG awards announced today are part of the Obama Administration's overall effort to support rural business development and expansion for a stronger American economy. USDA is also highlighting support for rural small businesses as part of National Small Business Week, held this year May 12-16, to celebrate the critical contributions of small business owners and entrepreneurs.