United States Department
of Agriculture • Rural Development
Contact: Alec Lloyd
Agriculture Secretary Vilsack Announces Loan Assistance to Boost Job Creation Efforts and Provide Economic Opportunities to Rural Businesses
WASHINGTON, March 30, 2010 – Agriculture Secretary Tom Vilsack announced today that loan guarantees are being provided through the U.S. Department of Agriculture to businesses in 24 states to provide economic opportunities and promote job creation. The funding is made available through the American Recovery and Reinvestment Act (Recovery Act).
“To bring prosperity to rural America in a meaningful, significant way, we have to expand business opportunities and create jobs,” said Vilsack. “These loan guarantees will boost local economies and support job creation, making rural America more competitive for generations to come. Some of these guarantees will also support President Obama’s comprehensive renewable energy strategy by promoting renewable fuel production.”
The loan guaranteed funding announced today supports 44 projects and totals $101.6 million. USDA Rural Development’s Business and Industry Guaranteed Loan Program received $1.57 billion in Recovery Act funding from Congress to help rural businesses stimulate their economies and support their communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies, and individuals. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.
Michigan had one recipient, listed below. Funding is contingent upon borrowers meeting conditions in the loan agreement.
· Superior Asphalt, Inc., located in Caledonia (Kent County): $3,259,000 guaranteed loan.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov.
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