Lockwood, MO, Feb 06, 2014 -- USDA Rural Development Assistant to the State Director Tim Rickabaugh, on behalf of State Director Janie Dunning, today celebrated the completion of the construction of grain elevators at the Lockwood Farmers Exchange. The project was financed, in part, with a Rural Development Business and Industry Guaranteed Loan of $750,000.
“The vast majority of rural communities in Missouri are supported by agriculture. Farm families contribute significantly to the economy of small rural communities. They purchase goods and services which increase the overall strength of rural areas. At Rural Deveopment, we want to assure the needs of farm familes are met,” Dunning stated. “The Lockwood Farmers Exchange project is a outstanding example of the way Rural Development can assist. The cooperative has taken the proactive steps to assure their members are given the grain storage capacity to meet their needs in responding to price fluctuations and trends. In addition, the project protects jobs which are absolutely necessary to the viability of rural areas.”
The Rural Development Guaranteed Loan was used to assist in the installation of 4 grain bins with storage capacity of 360,000 bushels. Total project cost was $1 million including bins’ construction, concrete, site excavation and electrical work. Completin of the project allows Lockwood Farmers Exchange to remain competitive and meet the needs of cooperative members. Further, the project assures the jobs at the cooperative are retained.
Secretary Tom Vilsack said this project is another reminder of the importance of USDA programs for rural America. A comprehensive new Food, Farm and Jobs Bill would further expand the rural economy, Vilsack added, saying that’s just one reason why Congress must get a comprehensive Bill done as soon as possible.
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits. A borrower may be a cooperative organization, corporation, partnership, 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; a public body; or an individual.
Further information on rural programs is available by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov. Information about the Business and Industry Guaranteed Loan Program in Missoui can be obtained by visiting http://www.rurdev.usda.gov/mo. The Springfield Area Office is located a 688 South State Highway B, Suite 400, Springfield, MO, 65802. The office can be contacted at (417) 831-5246 Extention 4
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.
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