Release No. 0238.03
Alisa Harrison (202) 720-4623
Al Johnson (202) 720-1019

USDA PROVIDES $21 MILLION TO SPUR JOB AND ECONOMIC GROWTH IN 18 STATES
Effort could help create or save up to 1,738 jobs

      WASHINGTON , July 2, 2003 —Agriculture Secretary Ann M. Veneman announced the award of over $21 million to 18 states to foster business and community development in rural areas.

     “Investing in rural America is a key component of President Bush’s economic plan,” said Veneman. “These funds will help create job opportunities for thousands across the country.”

     The following is a complete list of approved project dollars by state. A description of each funding recipient can be found at the USDA Rural Development web site at: http://www.rurdev.usda.gov.  

    “For rural America to grow and attract jobs, tools are needed to promote business opportunities,” said Agriculture Undersecretary for Rural Development Thomas Dorr. “The $21,057,000 will increase business opportunities and could create or save up to 1,738 jobs.”

     This assistance is being provided through Rural Development’s Intermediary Re-lending Loan Program (IRP). IRP provides revolving loan funds and technical assistance for business facilities and community development projects in rural areas and cities with a population of less that 25,000. Rural Development lends funds to intermediaries who then provided loans to borrowers who are developing business facilities or community development projects. Eligible intermediaries include public bodies, nonprofit corporations, Indian tribes, and cooperatives.

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     “USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improving the quality of life of rural residents,” said Rural Development State Director Marlene Elliott.  “We are excited that rural Maryland will receive $2 million in funding that will help stimulate the economy and provide employment for nearly 200 people.”

     Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office 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