|USDA ANNOUNCES FUNDING TO BOOST BUSINESSES AND JOB CREATION IN RURAL MINNESOTA|
|Three Minnesota development organizations selected to receive over $1.3 million|
|ST. PAUL, Minn., Sep 14, 2011
@@USDA Rural Development State Director Colleen Landkamer today announced that three development organizations in rural Minnesota have been selected to receive over $1.3 million to promote job creation and business development.
The Northeast Entrepreneur Fund in Duluth and the Waseca Development Authority each received loans through Rural Development’s Intermediary Relending Program (IRP). The Plainview Economic Development Authority was selected to receive a Rural Business Enterprise Grant (RBEG).
“These funds provide the technical support and the spark needed to help rural businesses grow,” Landkamer said. “Small businesses provide quality jobs in rural areas and this funding will foster an environment for sustainable job growth in these regions.”
Northeast Entrepreneur Fund
Waseca Development Authority
Plainview Economic Development Authority (EDA)
The RBEG and IRP programs are key components of USDA Rural Development’s activities to promote regional development across America.
RBEGs finance new and existing businesses as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs.
The Intermediary Relending Program provides working capital and other support to local businesses through qualified intermediaries.
The three projects in Minnesota were part of a national announcement of 69 projects totaling more than $15.5 million. For more information on Rural Development programs, visit www.rurdev.usda.gov/mn.