W A S H I N G T O N, D. C. 2 0 2 5 0 - 0 7 0 5
NEWS RELEASE
Media Contact:Tim McNeilly 202-690-0498tmcneill@rdmail.rural.usda.gov
USDA RURAL DEVELOPMENT ANNOUNCES $14.4 MILLION IN DEVELOPMENT LOANS
WASHINGTON, June 15, 2001 – USDA Rural Development has announced the selection of nearly $14.4 million in loan applications for funding consideration to help promote job growth and economic development in rural areas in 17 states.The loans will be made by USDA’s Rural Business-Cooperative Service (RBS) to local intermediaries that will use the money for revolving loan funds in areas suffering high unemployment and slow economic growth. In turn, the intermediaries will make loans to help start or expand local business or for community development projects.
The revolving loan fund is replenished as loans are repaid, allowing the intermediaries to become self-sustaining for making new loans to additional businesses. The intermediaries include nonprofit corporations, public agencies, Native American groups and cooperatives. Further information about RBS’s Intermediary Relending Program is available on the Web at http://www.rurdev.usda.gov/rbs/busp/irp.htm
California - $500,000 Georgia - $750,000 Illinois - $1,150,000
Iowa - $1,500,000 Maine - $750,000 New Mexico - $200,000
Texas - $446,376 Maryland - $750,000 Minnesota - $500,000
Vermont - $800,000 Montana - $750,000 North Carolina - $1,500,000
Oklahoma - $500,000 Oregon - $900,000 Pennsylvania - $500,000
South Dakota - $1,696,375 Tennessee - $750,000
District of Columbia (Utah, Arizona, and New Mexico) - $500,000
USDA Rural Development serves as the lead federal entity for rural development needs, and administers program assistance through three agencies: Rural Housing Service, Rural Business-Cooperative Service, and Rural Utilities Service. Further information on USDA Rural Development can be obtained by visiting USDA’s web site at http://www.rurdev.usda.gov
A list of individual loan recipients being considered for funding can be found at http://www.rurdev.usda.gov/rd/newsroom/news.htm.
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
The selected applicants are as follows:
State Project Name Amount
| California | Certified Development Program of Tulare | $500,000 |
| District of Columbia | Community Capital Resources Corporation | $500,000 |
| Georgia | CSRA Rural Lending Authority | $750,000 |
| Illinois | Pulaski County | $400,000 |
| Illinois | Southeastern Illinois Planning and Development Com. | $750,000 |
| Iowa | Central Iowa Power Cooperative | $500,000 |
| Iowa | Black Hawk Economic Development, Inc. | $500,000 |
| Iowa | Corn Belt Power Cooperative | $500,000 |
| Maine | Coastal Enterprises, Inc. | $750,000 |
| Maryland | Mid Shore Rural Lending Corporation | $750,000 |
| Minnesota | Community Development of Morrison County, Inc | $500,000 |
| Montana | Butte Local Development Corporation | $750,000 |
| New Mexico | La Jicarita Enterprise Community | $200,000 |
| North Carolina | East Carolina Development Company, Inc | $750,000 |
| North Carolina | North Carolina Technological Development Authority | $750,000 |
| Oklahoma | Ozarks Corporation for Innovation Development | $500,000 |
| Oregon | Lane Council of Governments | $400,000 |
| Oregon | Southern Oregon Regional Economic Development,Inc | $500,000 |
| Pennsylvania | Community Development Corporation of Butler | $500,000 |
| South Dakota | Lower Brule Sioux Tribe | $500,000 |
| South Dakota | Minor County Community Revitalization | $446,375 |
| South Dakota | South Dakota Value Added Finance Authority | $750,000 |
| Tennessee | Caney Fork Electric Cooperative | $750,000 |
| Texas | Duval County | $446,376 |
| Vermont | Northeastern Vermont Development Association, Inc | $300,000 |
| Vermont | Vermont Community Loan Fund | $500,000 |
| Total | $14,442,751 |
# # #