Wye Mills, MD – September 23, 2005 – USDA Rural Development State Director Marlene Elliott today announced a $20,000 grant to help jump start a new organization that will be focused exclusively on the creation and expansion of Maryland’s agriculture, aquaculture, forestry, and seafood industries. The Maryland Agricultural and Resource-Based Industry Development Corporation better known as (MAR BID CO) is the new organization that was created by the Maryland General Assembly in 2004 that will work to enhance the viability and profitability of these traditional rural businesses.
“This is a return of taxpayer dollars that supports rural lifestyles and access to jobs from the rural landscape,” said Elliott. “MARBIDCO will concentrate on keeping Maryland’s agricultural and natural resource based industry growing by developing new markets, processes, and access to available credit at affordable interest rates so the industry will remain strong for future generations to enjoy.”
The start-up of MARBIDCO will be coordinated by the Rural Maryland Council led by Executive Director, Steve McHenry who said, “We will do whatever we can to support the formation of MARBIDCO that is expected to support dozens, initially, and ultimately hundreds or more of businesses involved in agriculture, aquaculture, forestry, and the seafood industries,” said McHenry. “The result is to assist with the retention of Maryland’s slowly disappearing agricultural and natural resource related jobs and develop strategies that will provide new opportunities for the rural economy.”
MARBIDCO will be governed by a Board of Directors representing a wide range of experience in all of the businesses that it plans to assist. It is expected that it will take approximately one year before the company will be able to offer services. Although MARBIDCO will be able to serve agricultural and resource-based businesses anywhere in the State, most of MARBIDCO’s activities will affect small businesses located in the 18 rural counties of Maryland.
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life in rural communities. Since the beginning of the Bush Administration, USDA Rural Development has invested more than $512 million in rural Maryland to provide equity and technical assistance to finance rural homeownership, business development, and critical community and technology infrastructure. Over 5,000 jobs have been created or saved through these investments. Further information on rural programs is available at the State Office for Maryland and Delaware by calling (302) 857-3580, or by visiting USDA's web site at http://www.rurdev.usda.gov.
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USDA Rural Development is an Equal Opportunity Lender, Provider, and Employer. Complaints of discrimination should be
sent to: USDA, Director, Office of Civil Rights, Washington, D.C. 20250-9410.