|RURAL ECONOMIC DEVELOPMENT LOAN CREATES 200 JOBS|
|JACKSON, Minn., May 07, 2012
@@What began as a loan application in 2011 will be capped off with a check-awarding ceremony and a tour of the new AGCO expansion in Jackson, Minnesota May 7.
Federated Rural Electric, Jackson, applied for the loan on behalf of AGCO through USDA Rural Development.
AGCO in Jackson is using the funds for the 75,000-square feet addition to its existing facility, which will result in increased production of its high-horse power tractors and related equipment. A portion of the expansion also will include a visitors’ center. The project has helped to create 200 jobs.
“Local investments like this one create jobs and bolster the rural economy,” said Colleen Landkamer, USDA Rural Development state director. “Public-private partnerships also play a key role in helping Minnesota’s rural communities win the future. Federated and the USDA have partnered on several projects in the region that have resulted in job creation and other economic development opportunities.”
“Our cooperative is pleased to be a part of creating 200 jobs in our rural community,” stated Richard Burud, Federated’s general manager. “We have always worked to make our communities a great place to live and work. AGCO is a great employer and we are glad to be a part of their growth in our area.”
The financing is provided through Rural Development’s Rural Economic Development Loan program. Recipients are rural utilities program borrowers that pass the funds to local organizations for projects to retain and create jobs, upgrade public infrastructure, improve service delivery and improve the quality of life for area residents and visitors.
Minnesota utility cooperatives have utilized about $8 million in Rural Economic Development Loan and Grant funds since 2009 to help local businesses, improve community infrastructure and create local jobs.
Federated is a Touchstone Energy Cooperative serving 5,000 members in Jackson and Martin Counties.