Hebron, Nebraska, Apr 12, 2012 -- MetalQuest Unlimited Inc. of Hebron, Nebraska is the recipient of a $1.5 million loan originated by the Thayer County Bank in Hebron and backed by a USDA Rural Development loan guarantee. The loan will allow for building construction and working capital for business expansion that will secure 54 jobs and will grow 12 jobs.
“USDA Rural Development’s Business and Industry Guaranteed Loan program helps rural community businesses to create and sustain jobs,” said Nebraska State Director Maxine Moul, USDA Rural Development. “The program has many purposes, including working capital, business purchase and expansion. MetalQuest and other growing companies are a catalyst for building a stronger rural economy, job retention and job creation.”
Pat Kenner, Thayer County Bank said, “From a taxpayer’s perspective, programs like the USDA Business and Industry Guaranteed Loan program are excellent channels for our Government to support small business financing in America. A guaranteed loan is excellent in that (1) it keeps the lender with skin in the game, (2) it leverages and protects the Government's interest in the project which ultimately lessens the cost to deliver economic stimulus for the economy, (3) it leverages our government’s staffing in the administration of programs through the use of privately funded independent community bank employees, and (4) it allows small rural banks such as ours to grow with our customer as their expansion needs require, which ultimately deters our system risk of too big to fail with small banks out-growing their local independent banks.”
Through USDA Rural Development’s Business and Industry Guaranteed Loan program, MetalQuest has accessed five loans from Thayer County Bank of Hebron, secured by Rural Development loan guarantees. The loan announced today will construct a new addition to expand the production space and to increase office space.
For further information contact Korey Young at (402) 371-5350 ext. 1002 or Korey.email@example.com.