MEMPHIS, Tenn., Aug 26, 2011 -- USDA Rural Development State Director Bobby Goode today announced federal funding for the regional non-profit alt.Consulting to capitalize a revolving loan fund and provide small business development training for entrepreneurs in the Mississippi Delta region, including 21 West Tennessee counties.
The $530,000 federal investment includes a $400,000 low-interest loan to create a micro-revolving loan fund for small rural and minority-owned businesses that need an affordable source for business loans of $50,000 or less. The remaining $130,000 in grants will help fund a range of one-on-one managerial assistance to help start-up and existing small businesses implement sound financial and management systems that lead to profitable growth and job creation in rural communities.
"As President Obama said, 'A healthy American economy depends on a prosperous rural America.'" Said Goode. "The team at alt.Consulting has a history of success helping entrepreneurs and small businesses create and grow good jobs, and we are glad that USDA Rural Development can help extend the reach of their services."
According to alt.Consulting Executive Director Ines Polonius the mission of the alt.Consulting team is to, "Serve as a catalyst for growing and sustaining entrepreneurs and their ventures, resulting in wealth and fair-wage job creation in minority and rural communities." Since 1993 the organization has assisted more than 2,500 companies.
The service area for alt.Consulting includes people and businesses in 92 Tennessee, Arkansas and Mississippi counties. See below for a complete list of counties served. Find out more at www.altconsulting.org.
Rural Development business programs help local governments and non-profit organizations improve local business infrastructure and promote job growth. Business loans provide needed financing for rural businesses and loan-guarantees are also available to help private lenders increase the pool of investment capital available for business start-up, modernization and expansion in eligible rural areas.
USDA Rural Development invests in jobs, businesses, community infrastructure, homeownership and affordable rental housing in rural communities. Last year Rural Development assisted more than 1.5 million rural Tennessee families and businesses with more than $1.06 billion in financial assistance through affordable loans, loan-guarantees and grants.
For more information on USDA Rural Development programs available in southwest Tennessee contact the Rural Development Area Office in Jackson at 731-668-2091, ext. 2, toll free at 1-800-342-3149 ext. 1495 or visit us at www.rurdev.usda.gov/tn.
Counties served by alt.Consulting
Chester, Decatur, Fayette, Hardeman, Hardin, Henderson, McNairy, Benton, Carroll, Crockett, Dyer, Gibson, Haywood, Henry, Lake, Lauderdale, Madison, Obion, Shelby, Tipton, Weakley.
Arkansas, Ashley, Baxter, Bradley, Calhoun, Chicot, Clay, Cleveland, Craighead, Crittenden, Cross, Dallas, Desha, Drew, Fulton, Grant, Greene, Independence, Izard, Jackson, Jefferson, Lawrence, Lee, Lincoln, Lonoke, Marion, Mississippi, Monroe, Ouachita, Phillips, Poinsett, Prairie, Pulaski, Randolph, Searcy, Sharp, St. Francis, Stone, Union, Van Buren, White, Woodruff,
Benton, Bolivar, Carroll, Coahoma, Desoto, Grenada, Hinds, Holmes, Humphreys, Issaquena, Lafayette, Lee, Leflore, Madison, Marshall, Panola, Pontotoc, Quitman, Rankin, Sharkey, Sunflower, Tallahatchie, Tate, Tunica, Union, Warren, Washington, Yalobusha, Yazoo.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795 -3272 TDD (615) 783-1397.