Washington, DC, Oct 28, 2010 -- Agriculture Secretary Tom Vilsack has announced that USDA is providing loan guarantees to 15 businesses in 10 states to provide economic opportunities and create jobs. West Plains Company of Alliance, NE was one of the businesses announced. The funding is made available through the American Recovery and Reinvestment Act of 2009 (Recovery Act).
West Plains Company was selected to receive a $10 million loan originated by Great Western Bank and backed by a USDA Rural Development guarantee. West Plains Company will use the loan to expand its grain handling and storage capabilities. The funds will be used to build a 120 car grain train loading facility which will allow them to ship 10 million bushels of wheat and 3 million bushels corn annually. In addition to storing commodities, West Plains has the capabilities to blend and mix wheat in order to supply the market with different wheat blends that have different protein levels. This provides West Plains with an opportunity to expand their market penetration by providing a specialty blend product. The loan will create 10 to 12 new jobs in the Alliance area.
"This announcement is an example of how the Obama Administration is working to create jobs and rebuild and revitalize rural America to ensure that working people in communities throughout the country have a brighter future," Vilsack said. "The loan guarantees we are announcing will help businesses grow, create jobs and promote economic opportunity in rural America."
The loan guarantees announced will create or save an estimated 1,359 jobs. Recovery Act funds support 15 projects for $60.5 million. USDA Rural Development's Business and Industry Guaranteed Loan Program received $1.57 billion through the Recovery Act 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 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.
Funding is contingent upon borrowers meeting conditions in the loan agreement.
For more information on the Business and Industry Guaranteed Loan program in Nebraska, contact Joan Scheel at (402) 437-5594 or firstname.lastname@example.org.