WILLISTON, ND, Sep 12, 2012 -- Jasper Schneider, USDA Rural Development state director, announced today that the South Central Dakota Regional Council (SCDRC) will be awarded a $151,000 loan through the Intermediary Relending Program. The council will re-lend these funds with low-interest loans to promote business and community development.
“The loan will help businesses fill a financial gap when trying to grow and create jobs,” said Schneider. “The relending program leverages private investments with public funds to expand economic opportunity for rural entrepreneurs.”
SCDRC has identified several projects interested in the revolving loan fund including: an irrigation project planned to employ six people, expanding a farm and commercial truck service company that will create four jobs, and developing a biofuel-fired manufacturing facility that would create 15 to 20 jobs.
“We are very excited to have additional funds to assist development in our region,” said Deb Kantrud SCDRC executive director. “The USDA program expands the South Central Dakota Regional Council loan fund and increases our ability to provide gap financing to strengthen, create or assist businesses in the counties of Barnes, Dickey, Foster, Griggs, LaMoure, Logan, McIntosh, Stutsman and Wells. This award enhances the Council’s mission to serve as a liaison between local entities in our region and state and federal programs.”
The purpose of the Intermediary Relending Program (IRP) is to alleviate poverty and increase economic activity and employment in rural communities. Under the IRP, loans are provided to local organizations (intermediaries) for the establishment of revolving loan funds. These revolving loan funds are used to assist with financing business and economic development activity to create or retain jobs. For more information on the program, please visit www.rurdev.usda.gov/nd.