|(JULY 9, 2013) USDA AND LOCAL BANK PROVIDE FINANCING TO SUPPORT AQUACULTURE PROJECT|
|Ridge, MD, Jul 09, 2013
@@USDA Rural Development Acting Under Secretary Doug O’Brien and Patapsco Bank President/CEO Michael Dee today announced support for one of Maryland’s favorite delicacies – the Chesapeake Bay Oyster.
“Support for local and regional food systems is a new and promising concept in rural America,” O’Brien said. “In today’s environment, economic recovery is the driving factor in everything we do, and our support for this local food project will have many benefits. It will help support jobs and businesses in the region and support an eco-friendly environment that helps restore and protect the Chesapeake Bay.”
True Chesapeake Oyster Company has found what the company believes is the perfect place to grow an oyster. St. Jerome Creek, located near the midpoint of the Chesapeake Bay, is the nursery grounds for their not-too-salty, not-too-sweet oyster. The company was launched in 2010 and since then has grown by leaps and bounds. Its clean, crisp oyster, called the “Skinny Dipper,” was introduced at Pimlico Racecourse during the running of the 138th Preakness Stakes, where some 11,000 oysters were shucked and served.
USDA first communicated with The Patapsco Bank in Baltimore in March 2013 to explain how Rural Development’s Business & Industry loan guarantee program could help the bank and its business clients. As a result of the conversation, True Chesapeake Oyster Company secured a loan, guaranteed by USDA, to support shoreline restoration and repair an existing pier at its oyster growing operation in St. Jerome Creek.
USDA Rural Development has increased its marketing efforts to promote the Business & Industry Loan Guarantee Program by meeting with top executives and loan officers at financial institutions throughout the state.
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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