Lexington, KY, Dec 16, 2011 -- Rural Development State Director Tom Fern will be in Mason County today to announce the award of a $200,000 grant through USDA’s Rural Business Enterprise Grant (RBEG) Program.
Fern will present a ceremonial check to representatives of the Buffalo Trace Area Development District, which will use the money to establish an entrepreneurial revolving loan fund to assist small and emerging businesses in Bracken, Robertson, Mason, Fleming and Lewis counties.
“Helping small businesses grow is vital to the economic success of rural communities,” said Fern. “The RBEG funds being announced today will offer current and future business owners the tools to create, expand and improve their business operations and provide them the means and opportunity to create and retain jobs.”
The RBEG program provides grants for rural projects that finance and facilitate development of small and emerging rural businesses help fund distance learning networks and help fund employment related adult education programs. To assist with business development, RBEGs may fund a broad array of activities. Examples of eligible fund use include: Acquisition or development of land, construction, conversion, renovation, of buildings, plants, machinery, equipment, capitalization of revolving loan funds including funds that will make loans for start-ups and working capital; training and technical assistance; and project planning. The project must benefit small and emerging private businesses in rural areas.
USDA, through its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a national network of 6,100 employees located in the nation's capital and nearly 500 state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of nearly $142 billion in loans and loan guarantees.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Ave., S.W., Washington, D.C. 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).