| 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 |
Contact:Tim McNeilly, (202) 690-0498
tmcneill@rdmail.rural.usda.gov
USDA RURAL DEVELOPMENT ANNOUNCES $14.4 MILLION IN DEVELOPMENT LOANS
WASHINGTON, June 12, 2001--USDA Rural Development today 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/2001/irprecipslist.html.
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