Pierre, SD, Jan 09, 2013 -- The United States Department of Agriculture (USDA) Rural Development honored BankWest, Inc. today for their partnership in utilizing the USDA Business & Industry (B&I) Loan Guarantee Program to increase access to capital and support jobs for businesses in rural areas of South Dakota. BankWest has also utilized a USDA Rural Development Community Facilities Loan Guarantee to develop essential community facilities in the area.
“President Obama is committed to strengthening rural communities,” said Elsie Meeks, South Dakota USDA Rural Development State Director. “By working with private lenders throughout the state, USDA Rural Development is able to increase investment capital and assist communities and local organizations build a strong business infrastructure to nurture economic growth.”
USDA Rural Development provided a $296,200 Business and Industry Loan Guarantee for Bank West, Inc. that, through leveraging, assisted a local business. This project is expected to retain 16 jobs in the local community.
“Working with programs like the B&I Guaranteed Loan Program to help improve local economies and create opportunities for local citizens is a natural partnership for BankWest,” said BankWest Vice President/Sr. Ag Officer Gary Ambur. “Helping area customers and communities achieve financial success is the most important and rewarding aspect of community banking.”
In Fiscal Year 2012, USDA Rural Development Business & Industry (B&I) Guaranteed Loan program made available $33.2 million that, through leveraging $128 million, assisted nine businesses.
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.
Visit http://www.rurdev.usda.gov/sd/ for additional program information or to locate an USDA Rural Development Office nearest you.
For additional information on Rural Development projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2011. 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.