Harrisburg, Jan 14, 2013 -- Contact: Dawn Bonsell: 717-237-2286
USDA Rural Development Guarantees Business Loan to
Williamsport’s NuWeld, Inc.
HARRISBURG, January 14, 2013 – USDA Rural Development State Director Thomas Williams today announced a business loan guarantee for a growing Williamsport business.
NuWeld, Inc. received a $9.1 million Rural Development Business & Industry Loan Guarantee through Susquehanna Bank for the purchase of a new manufacturing facility. The new facility is being utilized in the expansion of NuWeld’s operations. The company provides mechanical and specialized welding services, including pipe design and installation, custom fabrication and consulting services. The loan will enable NuWeld to maintain 200 jobs and is projected to create 300 new jobs.
"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," Williams said. "These loans will continue our work to leverage private investment and help the rural economy grow." Business & Industry Loan Guarantees bolster the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.
For additional information on Rural Development projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for the past four fiscal years. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
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.
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).