CARLTON, Minn., Sep 26, 2011 -- USDA Rural Development State Director Colleen Landkamer visited Carlton today to highlight how a $196,000 Intermediary Relending Program loan will help locally-owned businesses in Carlton County. The USDA funds are being leveraged with a $65,350 contribution from Carlton County to create a revolving loan fund that will assist area businesses grow and create jobs.
“These funds help small businesses grow and create jobs as the rural economy continues to recover,” Landkamer said. “In order to grow, rural businesses need access to capital. I am pleased that the USDA, in conjunction with Carlton County Economic Development, will be able to offer some of that capital through this IRP funding.”
The IRP program provides working capital and other support to local businesses through qualified intermediaries. Carlton County Economic Development develops, promotes and protects the business interests of Carlton County, works to grow the employment base and provides centralized services for local development corporations.
“This funding will have a significant impact on commercial building construction and employment growth in Carlton County as public financing is playing a greater role in business expansion.” Pat Oman, Economic Development Director, Carlton County.
USDA Rural Development has invested over $3 billion throughout rural Minnesota since 2009 to improve rural housing, infrastructure, community facilities, businesses and renewable energy. To learn more about Rural Development, call the local office in Virginia at (218) 741-3929, ext. 4.