East Lansing, Jun 20, 2013 -- Contact:
Weldon Freeman (202) 690-1384
USDA Announces Support for Rural Businesses in Recognition of National Small Business Week
Michigan Projects in Linden, Wixom Receive $2.2 Million in Loans
WASHINGTON, June 20, 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.
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. Secretary 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.
Michigan has two recipients. Cranberry Park Memory of Clio LLC and Vienna Road Memory, LLC, located in Linden will receive a $1,297,475 loan to construct a 20-bed, 12,000-square-foot, one-story assisted living center. Garden Lane Industrial Center, LLC, located in Wixom, will receive a $1 million loan to refinance its debt. Funding is contingent upon the recipient meeting the conditions for the loan agreement.
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)