Scranton, Iowa, Jun 25, 2014 -- Staff from USDA Rural Development today helped Scranton Manufacturing Co. Inc. celebrate the groundbreaking for a 56,000 square-foot manufacturing facility expansion in Scranton.
USDA Rural Development recently awarded a $1 million Rural Economic Development Loan (REDL) to Scranton Telephone Company who will then pass the loan funding to Scranton Manufacturing to assist with the project.
Under this program, USDA provides zero-interest loans to utilities that lend funds to local businesses for projects to create and retain employment in rural areas.
“We are very pleased to be participating in this exciting project that will provide tremendous economic development opportunities for Scranton and the surrounding communities,” said Bill Menner, USDA Rural Development State Director in Iowa. “We are proud to be investing in the infrastructure of the rural economy by providing funds to local partners to have broad economic impacts.”
The new facility addition is being developed for the New Way Waste Management Division of Scranton Manufacturing. This expansion project will support the local economy by creating an estimated 75 jobs. The total cost of the building project will be around $2.6 million.
“Helping create jobs and expand economic opportunity for rural small businesses are top priorities at USDA,” Menner added. “USDA Rural Development financing programs can play an important role supporting rural communities in a multitude of ways.”
USDA Rural Development’s funding continues to have a dramatic impact on rural communities across Iowa. Since 2009, USDA Rural Development has invested more
than $3 billion on essential public facilities, small and emerging businesses, water and sewer systems, and housing opportunities for Iowa families.
Contact USDA Rural Development
For more information about finance programs available through USDA Rural Development, please call the office located in Storm Lake at (712) 732-1851 Ext. 4. This office serves communities, businesses and residents in Buena Vista, Calhoun, Carroll, Clay, Dickinson, Emmet, Greene, Palo Alto, Pocahontas and Sac Counties.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
Further information on programs available through USDA Rural Development is available by visiting the agency’s web site at www.rurdev.usda.gov/ia.
USDA Rural Development is working with rural communities to create jobs, expand opportunity, encourage innovation and build a strong foundation for the future. The agency currently administers and manages more than 40 housing, business and community infrastructure and facility loan and grant programs designed to improve the economic stability of rural communities, businesses, residents and farmers and improve the quality of life in rural America.
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,000 jobs, aided 2,600 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.
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.
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