United States Department
of Agriculture • Rural Development
Contact: Alec Lloyd (517) 324-5204
USDA ANNOUNCES RURAL ECONOMIC DEVELOPMENT LOAN
East Lansing, May 11, 2007 – USDA Rural Development Director for Michigan Gene DeRossett today announced a $388,000 rural economic development loan for Great Lakes Energy Cooperative, Inc. to preserve 285 jobs in Oceana County.
“This money will help foster economic growth and create jobs in rural Michigan,” DeRossett said. “It will help sustain existing development and provides an investment in the future.”
Great Lakes Energy Cooperative will use the zero-interest Rural Economic Development Loan to assist Kurdziel Industries, Inc. in the Village of Rothbury. The loan proceeds will be used for design and engineering to reduce particulate matter emissions at the Kurdziel foundry in Rothbury. Without the loan, some 285 workers employed at the facility could lose their jobs.
The funds are part of $19.75 million distributed to 20 states that is provided through the USDA Rural Development Intermediary Relending Program and the Rural Economic Development loan and grant program. The economic development program provides funding to Rural Utilities program borrowers, usually electric and telephone cooperatives, which then provide the money to support job retention or job creation efforts in their service areas.
USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. Rural Development has invested more than $76.8 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, more than 1.5 million jobs have been created or saved through these investments. 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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