Bangor, ME, Jul 31, 2012 -- USDA Rural Development has selected the Sunrise County Economic Council to receive an Intermediary Relending Program loan of $260,000.
The Intermediary Relending Program will assist Sunrise County Economic Council in providing low-interest loans to public and non-profit organizations to relend for business and community development. Loans will be limited to $50,000. It is estimated that ten businesses will be assisted as a result of these funds. Sunrise County Economic Council was founded in 1993 and initiates and facilitates the creation of jobs and prosperity in Washington County, by working with a consortium of community-minded businesses, not-for-profit organizations, municipalities and citizens.
USDA Rural Development State Director Virginia Manuel said, “I am very pleased that Sunrise County Economic Council has received these funds which will spur business development, job creation, and help create economic vitality through assisting businesses in Washington County. We look forward to increased business activity in this vital county as a result of our award to SCEC.”
Sunrise County Economic Council Executive Director Harold Clossey said, “Capital is necessary for our business community to thrive, whether we’re talking about a start-up or an expansion, and having additional access to capital is critical as SCEC assists businesses that are creating and retaining jobs in Washington County. These IRP funds are another ‘tool in the toolbox’ for business owners and entrepreneurs to do just that. SCEC is very excited to be working with USDA to help businesses of all sizes at the regional level. This IRP is a way to build upon growing momentum for recovery.”
USDA Rural Development has Area Offices located in Presque Isle, Bangor, Lewiston, and Scarborough, as well as a State Office, located in Bangor. There are 69 employees working to deliver the agency’s Housing, Business, and Community Programs, which are designed to improve the economic stability of rural communities, businesses, residents, and farmers, and improve the quality of life in rural Maine. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rurdev.usda.gov/me.