Wahoo, Nebraska, Aug 01, 2012 -- USDA Rural Development State Director Maxine Moul and staff presented the Greater Wahoo Development Foundation with a certificate today for fully utilizing the $125,000 Rural Business Enterprise Grant (RBEG), awarded through the American Recovery and Reinvestment Act. The funds created a revolving loan fund that, leveraged with $127,400, assisted four businesses creating 12 full time and 28 part time jobs in the community of 4,508.
“Congratulations to the Greater Wahoo Development Foundation on the success of utilizing their USDA Rural Development funding to assist in growing the job market in Wahoo,” said Moul. “Job creation is what the American Recovery and Reinvestment Act dollars were intended to do and this is a perfect example.”
“The revolving loan fund is a great way to assist banks with new and expanding business projects,” said Executive Director Doug Watts of the Greater Wahoo Development Foundation. “We have helped an additional business expand with monies paid back from the previous Rural Development loans.”
The Greater Wahoo Development Foundation received the RBEG to help businesses wishing to locate or expand in the City of Wahoo and the immediate five mile area. The purpose of the revolving loan fund was to give financial assistance to new and existing businesses. The loan to the business was contingent on 10 percent equity by the business. Businesses received the financial assistance in the form of a low-interest loan. The loan’s focus was the creation or the sustaining of jobs thereby bringing increased employment, improved community services and economic growth.
The RBEG program’s purpose is to facilitate and finance the development of small and emerging rural, private business enterprises by providing technical assistance; acquiring land, buildings, and infrastructure that enhance business development; and by establishing revolving loan funds. Eligible applicants include public bodies, non-profits, and Indian Tribes. The population limit is less than 50,000 with priority on populations of 25,000 or less.
For additional information contact Bill Sheppard in Norfolk at 402-371-5350 ext. 1004 or firstname.lastname@example.org; Kelley Messenger in Kearney at 308-237-3118 ext. 1120 or Kelley.email@example.com; or Marla Marx in Scottsbluff at 308-632-2195 ext. 1132 or firstname.lastname@example.org. Visit www.rurdev.usda.gov/ne.