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NEWS RELEASE 1303
SW First American Place, Suite 100, Topeka,
KS 66604-4040 |
FOR IMMEDIATE RELEASE – March 24, 2005
Contact - Harold Alford (785) 271-2701
USDA Rural Development Announces Kansas Economic Development Funding
Topeka, KS. – USDA Rural Development State Director Chuck Banks this afternoon congratulated six Kansas recipients selected for $1.84 million in funding to support economic development efforts across the State. Selection of the projects, approved under the Agency’s Rural Economic Development Loan & Grant Program, was announced by Secretary of Agriculture Mike Johanns earlier today in Washington, D.C.
"I applaud the local community leadership for their efforts to secure these investments, which are needed to create economic opportunities and improve the quality of life available in their community," said Johanns.
“These business development funds will support local efforts to bring added economic growth and employment opportunities to rural Kansas. This assistance underscores the commitment of the Bush Administration’s ongoing efforts to support community and economic development in rural areas,” commented State Director Banks.
Under the USDA Rural Development Rural Economic Development Loan & Grant Program, the Agency will make a zero-interest loan to a local rural utility cooperative.
Upon receipt of the loan proceeds, following execution of loan documentation and meeting the conditions of the Program, the cooperative will then pass the proceeds on to a local business to finance job creation efforts.
In his afternoon remarks, Banks further stated, “USDA Rural Development will continue to work vigorously with our state’s rural utility cooperatives to support local efforts in bringing new business investment to their communities. I would like to thank the rural utility cooperatives for their continued participation in this excellent program that assists rural Kansas. This program is good for our communities, it is good for the Kansas economy, and it is good for rural Kansans working to create a better life”.
The Kansas projects announced today follow:
Heartland Rural Electric Cooperative, Inc.; Neosho County , KS
– $126,000 / Rural Economic Development Loan to assist in the construction of a new building and finance needed equipment. The new facility will also include office rental space.Rolling Hills Electric Cooperative, Inc.; Ellsworth County , KS
– $450,000 / Rural Economic Development Loan to assist in the construction of a new building and finance needed equipment.Bluestem Electric Cooperative, Inc.; Pottawatomie County , KS
– $450,000 / Rural Economic Development Loan to assist in the construction of a new building and finance needed equipment to expand operations of an existing business.Victory Electric Cooperative, Inc.; Finney County , KS
– $450,000 / Rural Economic Development Loan to assist the expansion of a dairy farm.Prairie Land Electric Cooperative, Inc.; Phillips County , KS
– $300,000 / Rural Economic Development Loan to assist in the refurbishing of an existing building, and purchase needed furniture and equipment.Caney Valley Electric Cooperative Association Inc.; Chautauqua County , KS
– $64,000 / Rural Economic Development Loan to assist in the construction of a new building and finance needed equipment.
Over the past four years, USDA Rural Development in Kansas has been a leading state in delivering economic development assistance through the Agency’s Rural Economic Development Loan & Grant Program. In fact, since 1998, the program has assisted at least 56 businesses in creating and saving over 1300 jobs across rural Kansas.
During Fiscal Year 2004, USDA Rural Development in Kansas administered an all-time record $152 million in financial assistance in Kansas. In addition to an overall increase in program funding of nearly 50% over the past four years, this level of Agency programming represents the fourth consecutive year of + $100 million in funding for Kansas. USDA Rural Development programs cover a wide scope of development assistance, including funding for business and homeownership loans, community facilities, rural water service, rural telecommunications and value-added agriculture products.
USDA Rural Development’s mission is to deliver programs that support increasing economic opportunities and enhancing the quality of life for rural Americans. As a venture capital entity, USDA Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure in rural America. For additional information regarding USDA Rural Development and its programs, log onto the Agency’s website at www.rurdev.usda.gov/ks or call the Agency’s state office at 785-271-2702.
USDA Rural Development – Committed to the Future of Rural Communities.
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