BACON, JOHNSON COUNTIES ELIGIBLE FOR CLINTON/GORE ADMINISTRATION'S COMMUNITY ADJUSTMENT AND INVESTMENT PROGRAM
Athens, GA, February 25, 1998 -- US Department of Agriculture officials announced today that Bacon and Johnson counties will be included in the Community Adjustment and Investment Program (CAIP), the Clinton/Gore Administration's plan to offset job loss in the US due to the signing of the North American Free Trade Agreement (NAFTA).
"While NAFTA has benefited the U.S. economy as a whole, some areas of the country are experiencing temporary economic difficulties as the relationship between North American countries changes," USDA's Under Secretary for Rural Development Jill Long Thompson said in Washington. "USDA and the Clinton/Gore Administration are committed to helping those communities which may have been negatively affected by NAFTA."
The CAIP works through the coordinated efforts of the United States government and the North American Development Bank (NADBank) to provide business financing in areas with job displacement and few existing job opportunities. The NADBank is an international financial institution jointly capitalized and governed by the United States and Mexico to finance environmental infrastructure projects along the U.S./Mexico border and provide financial assistance for domestic community adjustment and investment in both countries.
Arthur Campbell, Deputy Under Secretary for Policy and Planning, stated: "The CAIP is designed to help the areas that have experienced substantial job losses by providing financial assistance to generate new business. We at USDA are excited that we able to contribute to revitalize these areas."
Businesses in CAIP-eligible areas may borrow directly from NADBank or from either the US Department of Agriculture's Rural Development mission area or the US Small Business Administration (SBA), both of which have programs in place to provide loan guarantees to the approximately 49 communities that have been identified as having suffered job losses resulting from the implementation of NAFTA.
"We are proud to be able to work together with other government agencies in order to provide economic assistance to rural communities that may need it," Georgia Rural Development State Director Meadows said. "Some communities here in Georgia are experiencing temporary hardship due to lack of access to credit and to lack of adequate job creation. We hope that working with small businesses and individuals not only in Bacon and Johnson counties, but across Georgia, will help offset some of the impact of these conditions."
Areas eligible for CAIP loans or loan guarantees are identified based on statistics provided by the Department of Labor NAFTA-Transitional Adjustment Assistance (NAFTA-TAA) program and by the Bureau of Labor Statistics. Communities, businesses or financial institutions that are interested in the CAIP should contact the NADBank Los Angeles Office, Tel: (562) 908-2100, Fax: (562) 908-2110 or write to NADBank, 13191 Crossroads Parkway North, Suite 275, City of Industry, CA 91746.
The USDA Rural Development mission area was created in 1994 and includes the Rural Business-Cooperative Service, the Rural Housing Service and the Rural Utilities Service. Its mission is to use the resources of USDA to provide an improved quality of life for the nation's 53 million rural people.
Contact:
Rural Development GA State Director Laura Meadows
(706) 546-2162