|(AUGUST 21, 2012) AGRICULTURE SECRETARY VILSACK ANNOUNCES ECONOMIC DEVELOPMENT FUNDING TO SUPPORT BUSINESS GROWTH, CREATE JOBS IN RURAL AREAS|
|Washington, DC, Aug 21, 2012
@@Agriculture Secretary Tom Vilsack today announced the selection of 16 recipients for grants to help spur economic development and create or save jobs in 17 states.
"The funding I am announcing today will help rural businesses, entrepreneurs and tribal communities obtain the financing they need to grow their businesses and create jobs," Vilsack said. "These grants and loans represent the Obama administration's commitment to expand capital investments, spur business development and make infrastructure improvements to strengthen our small towns and communities."
USDA Rural Development is providing assistance through the Rural Business Enterprise Grant (RBEG) program, which provides grants to small and emerging rural businesses for projects such as distance learning networks and employment-related adult education programs. Rural public entities (towns, communities, State agencies and municipal authorities), Indian tribes and rural, private non-profit corporations are eligible to apply for funding under this program. For more information about the program, visit http://www.rurdev.usda.gov/BCP_rbeg.html.
The Jackson-Kadoka Economic Development Corporation based in Kadoka, SD has been selected to receive a grant of $99,000 to establish a revolving fund to assist small and emerging businesses.
For a list of all recipients selected for funding under today's announcement please go to http://www.rurdev.usda.gov/SupportDocuments/rdRBEGChart08162012.pdf. Funding is contingent upon the recipient meeting the terms of the grant 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, 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 $172 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.