Washington, Sep 12, 2012 -- Agriculture Secretary Tom Vilsack today announced the selection of recipients in 14 states and one territory to receive loans to create or save jobs and boost local economies. Funding is provided through USDA’s Intermediary Relending Program (IRP). Loans are provided to organizations (intermediaries) that re-lend the money to local businesses.
“This funding is part of the Obama Administration’s ongoing effort to expand economic opportunity for rural entrepreneurs, helping businesses in our small towns and rural communities grow and create more jobs” Vilsack said. “These loans will continue our work to leverage private investment and help the rural economy grow.”
In Maine, the Northern Maine Development Commission (NMDC) has been selected to receive an Intermediary Relending Program Loan in the amount of $400,000. The funds will be used to relend for business and community development with a priority on job creation and retention in the region.
NMDC has received five previous IRP loans totaling $5,065,836. By utilizing these funds, it has loaned a total of $15,113,777 and leveraged $57,821,313 creating 1,715 jobs and helping to retain an additional 2,115 jobs.
USDA Rural Development State Director Virginia Manuel said, “I am pleased that USDA Rural Development could build upon the long-standing partnership with Northern Maine Development Commission thought this recent grant. Business development and job creation and retention is essential to supporting a thriving local economy and I am pleased to have NMDC as a valuable partner in this vital role.”
NMDC Director of Business Finance Duane Walton added, “USDA Rural Development’s Intermediary Relending Program has been our most successful lending program, helping us to provide vital funds to assist area businesses to grow and succeed.”
Under today’s announcement, USDA is providing $6.3 million for projects in 17 communities. Funding is contingent upon the recipient meeting the terms of the loan agreement. President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy and strengthening small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than
$170 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).