Bismarck, ND, Aug 27, 2013 -- Jasper Schneider, USDA Rural Development state director, today announced that two local companies received more than $2 million in loan guarantees to support business development.
“Without adequate capital many businesses would fail to reach their full potential,” said Schneider. “Through USDA’s partnership with local lenders, today’s recipients were able to secure financial support to expand their companies.”
The financing was provided under the USDA Business and Industry program, which seeks to improve, develop, or finance businesses that diversify rural economies and increase employment opportunities. The following list is a breakdown of the recipients.
• Great Plains Transport, Inc. (Mapleton): $2,080,000 loan guarantee to construct a facility to serve as the transportation company’s headquarters. The building will include five shop bays for semi-trucks and trailers, a truck wash and office space. The project will help Great Plains grow to meet the demand for refrigerated, long-haul trucking services and will create ten new jobs. USDA partnered with The Farmers and Merchants National Bank of Hatton to provide financing.
• 4-J’s Sports (Bottineau): $44,000 loan guarantee to purchase equipment and inventory for a start-up sporting goods store. The store will carry hunting and fishing accessories, sports apparel and new and used equipment for popular area sports. The business will also have a shooting range and provide a direct to garment printing service for sports clothing. The project will create three new jobs. USDA partnered with Starion Financial of Bottineau to provide financing.
Since 2009, USDA Rural Development has provided more than $96 million in financing for business development in North Dakota, creating or saving over 5,000 jobs. For more information on USDA programs, please call (701) 530-2037 or visit www.rurdev.usda.gov/nd.