| U S D A / R u r a l D e v e l o p m e n t |
| WASHINGTON, D.C. 20250-0705 |
News Release |
Steve Thompson (202) 720-2446
sathomps@rdmail.rural.usda.gov
WASHINGTON, Sept. 7, 2000--Saying that a stronger small business sector is important to job growth and economic expansion, Agriculture Secretary Dan Glickman today announced $8.9 million in USDA loans to help boost small businesses in rural areas in 10 states. The loans will be made to local economic development agencies, which, in turn, will use the money for revolving loan funds to help start or expand businesses or for community development projects.
"Many of the recipients of these funds have established excellent track records as successful incubators of rural businesses that create jobs in areas that need them most," Glickman said. "These loans will funnel critically needed capital into rural communities where it can do the most good. Because these are revolving loan funds, this money will turn over again and again, contributing to the ongoing growth and prosperity of rural communities long after the first loans are paid back."
Glickman awarded a $750,000 loan to the Aliquippa Alliance for Unity and Development in rural Pennsylvania, which will support business growth and job creation in rural Beaver and Lawrence counties. These counties have lost thousands of jobs and are losing population in the wake of steel mill closures and other major shifts in industrial production.
Nonprofit development groups, public agencies, Indian groups and cooperatives are all eligible for IRP loans. A complete list of the loan amounts and recipients follows and can be found on the web at http://www.rurdev.usda.gov/rbs/busp/irp.htm.
| State | Project | Loan Amount ($) |
|---|---|---|
| California | California Coastal Rural Development Corp. | 750,000 |
| Iowa | Grow Iowa Foundation | 750,000 |
| Iowa | Waverly Area Development Fund | 250,000 |
| Maine | Androscoggin Valley Council of Governments | 500,000 |
| Minnesota | Prairieland Economic Development Corporation | 750,000 |
| Minnesota | Southwest Minnesota Foundation | 600,000 |
| Montana | Gateway Economic Development Corporation | 315,000 |
| New York | North Country Alliance Local Development Corp. | 500,000 |
| New York | Port Jervis Community Development Agency | 250,000 |
| North Carolina | Lumbee River Electric Membership Cooperative | 281,000 |
| North Carolina | N. Carolina Technological Development Authority | 500,000 |
| North Carolina | Neuse River Development Authority | 500,000 |
| North Carolina | Upper Coastal Plains Development Corp. | 500,000 |
| Pennsylvania | Aliquippa Alliance for Unity and Development | 750,000 |
| Pennsylvania | Corry Area Industrial Development Corp. | 490,000 |
| Vermont | Northern Community Investment Corp. | 750,000 |
| West Virginia | Greenbrier Valley Economic Development Corp. | 500,000 |
#
Return to Rural Development News and Information Room.