Lincoln, Nebraska, Sep 30, 2011 -- USDA Rural Development has awarded a $750,000 loan to Knox County, Nebraska to establish a revolving loan fund and to provide loans to ultimate recipients for community development projects, establishment and expansion of businesses and creating and/or saving jobs. An additional $75,000 has been committed by Knox County for a total revolving loan fund of $825,000.
"Knox County is excited to utilize these funds to create jobs and help stimulate small business development. The Missouri River Flood of 2011 was devastating to many of our existing businesses, as well as our communities. We will utilize these funds to the best of our ability. We want to thank USDA for their continued support in our rural areas,” said Knox County Economic Development Director Toni Tauber.
Knox County is currently dealing with emergency conditions caused by the Missouri River Flood of 2011. The Intermediary Relending Program loan will be used to provide low-interest loans for business and community development. Five businesses have been preliminarily identified to receive assistance. Twenty percent of the funds will be targeted to Native Americans and families whose median household income is at the poverty level.
“Small businesses are vital to sustainable communities in rural Nebraska. Rural Development looks forward to working with Knox County in assisting businesses impacted by the recent flooding and the future opportunities afforded by the establishment of a revolving loan fund in their community,” said Business and Cooperative Specialist Deborah Drbal, USDA Rural Development.
The project was funded through the USDA Rural Development Intermediary Relending Program. For more information contact Deborah Drbal (402) 437-5558 or Deborah.email@example.com.