$740,000 federal funding to expand
"Small business is the economic engine of rural
communities, creating good jobs and helping maintain a healthy, diversified
local economy," said Woody. "Thanks to the support of our congressional
delegation Rural Development has the financial resources to partner with Caney
Fork Electric to ensure Norcom is able to expand into the world marketplace from
right here in
A Rural Development zero-interest loan of $740,000 will
be used by CFEC to provide a zero-interest loan for Norcom to expand their
manufacturing operations with the construction of an additional 21,000
square-foot facility. Other funding includes a $556,000 grant from the state,
$245,000 from Norcom, $610,000 in commercial financing and $250,000 project
start up financing from USDA last year for a total investment in jobs for
The grants announced today are part of USDA Rural Development’s annual budget and are not funded through the American Recovery and Reinvestment Act of 2009.
Norcom specializes in bathtub systems and wrecker bodies. They have experienced growth in both areas and the new facility will give them the capacity to increase production and improve its warehousing and shipping.
"Norcom is an example of how important entrepreneurs are
to the local community, by creating jobs that stay here because this is their
The Rural Development rural economic development loan program provides funding rural electric cooperatives to be invested in business development within their service area. The program promotes a healthy economic environment and supports the creation of good private-sector jobs in rural communities.
Caney Fork Electric Cooperative provides electricity for homes and businesses in DeKalb, Warren, White and Van Buren counties.
Others participating in the presentation included Sen. Lamar Alexander's representative Lyndsay Botts, Sen. Bob Corker's representative Betsy Ranalli, Rep. Lincoln Davis' representative Justin Walling, White County Mayor Herd Sullivan, White County Chamber Director Wallace Austin, CFEC Director of Membership Services Terry Mullican, owners of Norcom Jim and Carol DeKraker, Norcom Vice President of Operations Richard Peiper and RD Area Technician Alice Wills.
USDA Rural Development invests in rural communities
through business development, community and homeownership programs. Last year
Rural Development assisted more than 678,000
For more information on Rural Development programs
available in the
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write USDA, Director,
Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice)