FARGO, ND, Jun 25, 2015 -- Jasper Schneider, USDA Rural Development state director, announced today $5.3 million in area loan guarantees for two projects to promote business development and educational opportunities.
“Access to capital is vital to building a successful business and moving projects forward,” said Schneider. “Partnering with local lenders, this financial support will help create jobs and offer several economic benefits to the area.”
The following recipients received USDA loan guarantees:
• Horsch-Anderson, LLC (Mapleton): $5,000,000 loan guarantee to construct a manufacturing plant that will create 40 new jobs. The company specializes in agriculture equipment used for seeding and cultivation applications. Through the Business and Industry program, USDA partnered with Bell State Bank and Trust of Fargo on the loan guarantee.
• Mayville State University Foundation: $375,000 loan guarantee to rehabilitate the Northwest Hall into an alumni center on Mayville State’s campus. Built in 1911, the 4,980 square-foot building will be renovated to provide space for meetings, events and learning opportunities. Through the Community Facilities program, USDA partnered with Goose River Bank of Mayville on the loan guarantee. The Foundation has been raising funds for over 10 years and expects to finish the project in the summer of 2014.
Since 2009, USDA Rural Development in North Dakota has invested $96 million for business development, creating or saving over 5,000 jobs and more than $105 million for community development projects. For more information on USDA programs, please visit www.rurdev.usda.gov/nd or call (701) 530-2037.