|(JULY 18, 2013) USDA PARTNERS WITH LOCAL UTILITIES FOR BUSINESS DEVELOPMENT|
|Rural communities to benefit from $2.6 Million in loans and grants|
|BISMARCK, ND, Jul 16, 2013
@@Jasper Schneider, USDA Rural Development state director, today announced that five rural utilities will receive loans or grants to support job creation efforts, business development and strengthen economic growth in rural communities.
“Boosting access to capital sparks job creation and revitalizes the rural economy,” said Schneider. “Working closely with our utility partners, we are able to make investments that positively impact communities, making them stronger and more vibrant.”
The $2.6 million announced today is being provided through USDA’s Rural Economic Development Loan and Grant (REDLG) program. The program provides zero-interest loans and grants to local utility companies which then, in turn, re-lend the funds to local businesses for projects. The following is a list of utility providers to receive USDA funding.
• Dakota Valley Electric Cooperative – $1 million loan for LaMoure Housing Inc. to construct one building to house the local grocery and hardware stores. The LaMoure SuperValu and Nogosek Hardware Hank will each lease half of the new 100” X 200” building. This project will almost double both stores shelf space and create new jobs.
• Burke-Divide Electric Cooperative – $1 million loan for Moure Equipment d/b/a Gooseneck Implement to build a new farm equipment dealership in Kenmare. With a growing customer base, the dealership needed more space for staff, inventory and to service the larger farm machinery. The dealership plans to add ten additional full-time employees.
• McLean Electric Cooperative Inc. – $300,000 grant to help Garrison Memorial Hospital upgrade its emergency room to meet urgent health care needs. This project will create three jobs.
• United Telephone Mutual Aid Corporation – $172,318 grant to help the City of Walhalla renovate a clinic and dental building to improve efficiency and patient care. This project will create four jobs.
• Verendrye Electric Cooperative, Inc. – $160,000 grant to help the City of Velva purchase a new fire truck to provide services to a 400 square mile area.
The REDLG program funds business start-up or expansion, business incubators, education and training facilities and equipment, community development assistance, health care and other community projects that support rural jobs. For more information on USDA programs, please call (701) 530-2037 or visit www.rurdev.usda.gov/nd.