Washington, Mar 02, 2012 -- USDA Rural Development Under Secretary Dallas Tonsager announced today that USDA is seeking applications for loans and grants to help rural businesses create jobs and spur economic development.
The funding is being provided under the Rural Economic Development Loan and Grant (REDLG) program. Eligible recipients are USDA Rural Utilities Program borrowers that pass the funds to local organizations for job creation and community development projects. Loan funds can be used for projects to retain and create jobs, upgrade public infrastructure, improve service delivery or improve the quality of life for area residents and visitors. The maximum amount of funding for any one project has been increased to $1,000,000 for loans and remains at $300,000 for grants.
“The Rural Economic Development Loan program provides an important financial resource for rural businesses. We appreciate the partnership with our Rural Electric Cooperatives as we work to support job creation and community development in rural areas,” said Janie Dunning, Missouri State Director for USDA Rural Development.
Many organizations have used REDLG funds to support job creation. For example, Architectural Components Group, Inc. will receive a $740,000 zero-interest loan to assist with financing the expansion of their manufacturing facility located in the Marshfield Industrial Park. The loan funding is provided in partnership with Webster Electric Cooperative through the USDA’s REDLG program.
USDA plans to award up to $79 million in loans and $10 million in grants under the Rural Economic Development Loan and Grant program. The deadline for submitting applications is the last business day of each month during FY 2012. Anyone seeking more information about the Rural Economic Development Loan and Grant program may visit the Missouri USDA Rural Development website at http://www.rurdev.usda.gov/mo or by contacting the Business Programs section at 573-876-9321.
Missouri USDA Rural Development strives to continue to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
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