Washington, DC, Dec 20, 2012 -- Agriculture Secretary Tom Vilsack today announced the selection of recipients for grants and loans to help spur economic development and create or save jobs in rural communities in seven Midwestern and Southern states, including Iowa
“This funding will help rural businesses create sustainable, quality jobs,” Vilsack said. “These projects demonstrate the Obama Administration’s ongoing commitment to ensure that rural communities attract the investments they need to support business development.”
Funding will be provided to applicants in Indiana, Iowa, Minnesota, Mississippi, Missouri, Nebraska and Tennessee. USDA Rural Development is providing support through the Rural Economic Development Loan and Grant program (REDLG), which provides zero-interest loans to local utilities that they, in turn, pass through to local businesses for projects to create and retain employment in rural areas.
With today’s announcement USDA is investing more than $6.1 million to create economic opportunity across the country. Funding is contingent upon the recipient meeting the terms of the loan or grant agreement.
Iowa recipients include:
• Farmers Electric Cooperative, Inc. – $300,000 grant. Funds will be used to supplement an existing revolving loan fund to benefit Wildwood Hills, Inc, a non-profit educational organization. The organization will used the funding to build a multi-purpose facility including a dining hall, commercial kitchen, bunkhouse and a multi-purpose room. This project will create two jobs and retain 26.
• Osceola Electric Cooperative, Inc. – $1,000,000 loan. This project will help Chemsol, LLC purchase a facility and pay for start-up costs of operating a dry blood plasma operation. The project will create 28 jobs.
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,600 jobs, aided 2,400 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.
Contact USDA Rural Development
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
Further information on programs available through USDA Rural Development is available by calling (515) 284-4663 or by visiting the agency’s web site at www.rurdev.usda.gov/ia.
USDA Rural Development is an equal opportunity lender with a variety of grant and direct and guaranteed loan programs for single and multi-family housing, community facilities, water and sewer development and business and industry programs.
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 $176 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.
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