|(JUNE 18, 2013) RURAL DEVELOPMENT ANNOUNCES LOANS TO CREATE JOBS IN IOWA AND NORTH DAKOTA|
|Washington, DC, Jun 18, 2013
@@Rural Development Acting Under Secretary Doug O’Brien today announced the award of loans to three businesses to create jobs in Iowa and North Dakota. USDA remains focused on carrying out its mission, despite a time of significant budget uncertainty.
“These grants are part of USDA’s ongoing support for rural businesses,” O’Brien said. “They will help them continue to contribute to their local economies and provide jobs for area residents.”
O’Brien highlighted the awards as part of a series of events and announcements USDA is making this week to commemorate National Small Business Week. The $2.2 million announced today is being provided through the Rural Economic Development Loan and Grant Program. Under this program, USDA provides zero-interest loans to local utilities which, in turn, make loans to local businesses for projects that will create and retain employment in rural areas.
Funding is contingent upon the recipient meeting the conditions for the loan. The recipients announced today are:
• Heartland Power Cooperative – $216,000 loan. To help the city of Stacyville complete a roadway at the city-owned industrial park.
• Iowa Lakes Electric Cooperative – $1,000,000 loan. To help Brown Development LLC expand a manufacturing facility that produces medical devices.
• Dakota Valley Electric Cooperative – $1,000,000 loan. To build a hardware and grocery store.
Since 2009, USDA has provided more than 15,000 loans and grants through its business programs, helping more than 60,000 rural businesses.
In October 2012, for example, USDA awarded the Central Iowa Power Cooperative a $1 million Rural Economic Development loan to help support the expansion of a manufacturing company. That business, Precision Pulley and Idler (PPI), fabricates metal products, such as pulleys and components for conveyor belts. PPI, based in Pella, Iowa, has 400 employees nationwide and is the third-largest employer in Lenox, Iowa.
For more information on USDA’s business and cooperative development programs, visit http://www.rurdev.usda.gov/Business.html or contact the nearest USDA Rural Development office. A list of these offices is available at http://www.rurdev.usda.gov/StateOfficeAddresses.html.
President Obama’s plan to revitalize the rural economy has brought about historic investment over the past four years – including in America's small towns and rural communities. USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
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)