News Release
Release No.STELPRD4021010
ContactJamie Welch Jaro801-524-4324
(JUNE 17, 2013)USDA ANNOUNCES SUPPORT FOR CASTLE VALLEY BUSINESS IN RECOGNITION OF SMALL BUSINESS WEEK
Salt Lake City, Utah, Jun 17, 2013 --

@@SALT LAKE CITY, June 17, 2013 – Agriculture Secretary Tom Vilsack today announced funding for 15 businesses in 10 states to create or retain jobs and expand economic activity. USDA remains focused on carrying out its mission, despite a time of significant budget uncertainty. Today’s announcement is one part of the Department’s efforts to strengthen the rural economy.

   “The lifeblood of any successful business is access to capital, and USDA Rural Development’s Business & Industry Guaranteed Loan program plays a major role in helping qualified firms and organizations in rural areas gain access to the capital they need to start or expand their enterprises,” Vilsack said.  

  With today’s announcement, USDA selected Castle Valley Inn Bed & Breakfast to receive a $600,000 loan guarantee to acquire and stabilize the establishment, providing a positive economic impact and tax base to the community near Moab, Utah. This project will save and create four jobs for this locally owned and managed business.

   The Business & Industry Guaranteed Loan program aids rural businesses by bolstering private credit through loan guarantees for quality business ventures.  A borrower may be an individual, a corporation, public body, partnership, cooperative organization, or other legal entity organized and operated on a profit or nonprofit basis; an Indian tribe on a Federal or State reservation or other federally recognized tribal group. For more information on USDA’s Business & Industry program, please visit   http://www.rurdev.usda.gov/BCP_gar.html.

   Today, USDA is announcing conditional commitments of $37.6 million.  Vilsack made the announcement as part of the Department’s celebration of National Small Business Week.

   Since 2009, USDA has provided more than 15,000 loans and grants through its business programs, helping more than 60,000 rural businesses. For more information on USDA's business and cooperative development programs, visit http://www.rurdev.usda.gov/Business.html.

   The following is a complete list of firms announced today that are receiving support under USDA Rural Development’s Business & Industry Guaranteed Loan program.  Funding is contingent upon the recipient meeting the conditions for the loan agreement.

Business & Industry Guaranteed Loan Program Recipients

Recipient

City

State

Amount

Description

Champs Investments, LLC

North Hills

CA

$426,500

To refinance debt

Southern Living Community, LLC

Ocala

FL

$1,000,000

To refinance short-term debt

Ocala Sun RV Resort, LLC

Ocala

FL

$2,800,000

To refinance short-term debt

Ronald U. Dubon

Tavares

FL

$2,500,000

To refinance short-term debt

Cranberry Park Memory of Clio LLC, and Vienna Road Memory, LLC

Linden

MI

$1,297,475

To construct a 20-bed, approximately 12,000-square-foot, one-story assisted living memory center

Garden Lane Industrial Center, LLC

Wixom

MI

$1,000,000

To refinance debt

Killdeer Mountain Park, LLC

Stillwater

MN

$4,193,600

To finance housing development sites for 78 mobile homes, 112 recreational vehicles and an office and recreational building

CL Hospitality, LLC dba LaQuinta Inn and Suites

Joplin

MO

$5,000,000

To purchase a 161-room hotel and restaurant

Amega Holdings, Inc.

Ashland

MO

$3,500,000

To provide working capital and restructure existing debt

C&C Distributing, LLC

Jefferson City

MO

$1,810,000

To provide working capital and for the purchase of three existing gas stations/convenience stores

Central Pennsylvania Equities 17, LLC

York

PA

$8,400,000

To purchase land and construct a 100-room hotel

KMI Group, Inc.

Kenton

TN

$1,000,000

To purchase machinery and equipment, provide working capital and pay fees for the global manufacturer of plastic resins

Castle Valley Inn Bed and Breakfast

Castle Valley

UT

$600,000

To acquire and stabilize an existing bed-and-breakfast operation

VFP, Inc.

Salem

VA

$1,500,000

To provide long-term financing to purchase a 34,124-square-foot manufacturing facility

Melrose Farm Service, Inc.

Melrose

WI

$2,550,000

To refinance debt and improve real estate with the construction of a 500,000-bushel grain bin

   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 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 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.                                 

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