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Intermediary Relending Program
First Round of Funding
June 30, 2003
ARIZONA - $750,000
PPEP Microbusiness and Housing Development Corporation, Tuscon, Arizona, $750,000. Funds will be used to supplement a revolving loan fund for loans to small and emerging businesses in rural southern Arizona and in the communities along the Arizona/Mexico border.
CALIFORNIA - $2,250,000
Valley Small Business Development Corporation, Fresno, California, $750,000. Funds will assist with the creation of business and jobs creation. 75 jobs can be created and 180 jobs saved.
Yuba-Sutter Economic Development Organization, Yuba and Sutter Counties, California, $500,000. Funds will assist with the creation of business and jobs creation in the two counties. 23 jobs can be created and 15 jobs saved.
Certified Development Corporation of Tulare County, Tulare, California, $500,000. Funds will assist with the creation of business and jobs creation. 10 jobs can be created and 7 jobs saved.
Lake County Business Outreach and Response Team, Lake County, California, $500,000. Funds will assist with the creation of business and jobs creation. 20 jobs can be created and 10 jobs saved.
IDAHO - $300,000
Clearwater Economic Development Association, Inc. (CEDA), Lewiston, Idaho, $300,000. Funds will be provided to replenish the existing revolving loan funds established by CEDA. 20 jobs can be created.
MARYLAND - $2,000,000
Denton, Maryland, $750,000. Funds will be used for 4 projects for business and economic development - a river front marina and restaurant, purchase and rehabilitation of older homes for retail and office space, purchases and rehabilitation of an old school building for business and retail, and new construction of a building destroyed by fire. 30 jobs can be created.
Mountain Maryland Entrepreneurial Development Center, Cumberland Maryland, $750,000. Funds will be used to support business development in manufacturing, technology, communications, and health industries. 120 jobs can be saved.
Garrett County Development Corporation, Oakland, Maryland, $500,000. Funds will be used to refund the existing Garrett County Development Corporation's revolving loan fund. The fund targets business development in manufacturing, light industrial, and commercial sectors. 30 jobs can be created.
MISSOURI - $500,000
Northeast Missouri Regional Planning Commission/Rural Development Corporation, $500,000. Funds will assist with the creation of business and jobs creation in northeast Missouri. Loans will be for gap financing with an emphasis on fixed asset lending.
MONTANA - $597,000
Northwest Montana Human Resources, Inc., Kalispell, Montana, $597,000. Funds will be used for 10 loans to assist businesses in rural communities of northwest Montana. Loans will be intended to assist businesses that will provide employment opportunities to low-income families. 37 jobs can be created, and 27 jobs can be saved.
NEBRASKA - $750,000
Panhandle Area Development District, Gering, Nebraska, $750,000. These funds will be used to be a part of an Economic Development Loan Fund that will service an 11 county area of the Nebraska Panhandle. USDA funds will be used to leverage an additional $2.8 million in funds from other sources to assist economic development in the most remote eleven counties of the state.
NEW HAMPSHIRE - $500,000
Manadnock Economic Development Corporation, Keene, New Hampshire, $500,000. Funds will be used to promote industrial and business park development, and assist businesses needing $50,000 to $150,000 gap financing to start or grow.
NEW YORK - $300,000
Delaware County, Delhi, New York, $300,000. Funds will assist with the creation of business and jobs creation in the county. 35 jobs can be created and 135 jobs saved.
NORTH CAROLINA - $5,000,000
Dunn Area Committee of 100, Dunn, North Carolina, $750,000. Funds will assist with the creation of business and jobs creation in rural North Carolina. 40 jobs can be created.
MAY Coalition, Spruce Pine, North Carolina, $750,000. Funds will assist with the creation of business and jobs creation in rural North Carolina. 40 jobs can be created.
Advancement Inc., Lumberton, North Carolina, $750,000. Funds will be used to assist small and emerging businesses in a 4 county area.
East Carolina Community Development, Inc., Kinston, North Carolina, $750,000. Funds will assist small and emerging businesses in a 9 county area.
East Carolina Community Development, Inc., Beaufort, North Carolina, $750,000. Funds will assist with the creation of business and jobs creation by providing working capital and gap financing to small and emerging businesses in the residential construction and service economy industries.
Neuse River Development Authority, North Carolina, $750,000. Funds will assist with the creation of business and jobs creation.
Self Help Ventures Fund, North Carolina, $500,000. Funds will assist with the creation of business and jobs creation.
NORTH DAKOTA - $500,000
Lake Agassiz Regional Development Corporation, Fargo, North Dakota, $500,000. Funds will be used to provide a revolving source of debt financing to rural businesses and at least thirty percent of the funds be directed to the Griggs and Steele Empowerment Zone trade area.
OHIO - $750,000
ACEnet Ventures, Athens, Ohio, $750,000. Funds will be used to establish a revolving loan fund that will serve 12 Appalachian counties in Ohio. Loans will be made to small businesses with goal of creating or retaining jobs and assisting low-income entrepreneurs. 100 jobs can be created or saved.
OREGON - $360,000
Northeast Oregon Business Development, Wallowa, Union, and Baker Counties, Oregon, $360,000. Funds will be used to provide loans to business in the 3-country area for business and community development. 23 jobs can be created and 22 jobs can be saved.
PENNSYLVANIA - $750,000
The Progress Fund, Hollidaysburg, Pennsylvania, $750,000. Funds will be used to provide financing and technical assistance to small businesses in an 11 country area. 19 jobs can be created and 89 jobs saved.
SOUTH DAKOTA - $2,750,000
Areawide Business Council, Yankton, South Dakota, $750,000. Funds will provide loans to small businesses that have had difficulty getting financing or total financing elsewhere. 25 - 50 jobs created or saved.
Northeast South Dakota Economic Corporation, Sisseton, South Dakota, $750,000. Funds will be used to provide loans to small businesses that have had difficulty getting financing or total financing elsewhere. 50 - 100 jobs can be created.
West River Foundation for Economic Development, Sturgis, South Dakota, $750,000. Funds will be used to provide loans to small businesses that have had difficulty getting financing or total financing elsewhere. 50 - 100 jobs can be created.
South Eastern Development Foundation, Sioux Falls, South Dakota, $500,000. Funds will be used to provide loans to small businesses that have had difficulty getting financing or total financing elsewhere. 200 jobs can be created.
UTAH - $1,750,000
Six County Association of Governments, Richfield, Utah, $1,000,000. Funds will be used to promote economic development and job creation. 28 jobs can be created.
Utah Business Lending Corporation, Salt Lake City, Utah, $750,000. Funds will be used to promote economic development and job creation. 123 jobs can be created.
WASHINGTON - $750,000
Evergreen Community Development Association, Seattle, Washington, $750,000. Funds will assist with the creation of business and jobs creation in an 11 county area that has been hit hard by economic downturns in the timber and fishing industries. Minority communities will be targeted.
WEST VIRGINIA - $500,000
Wyoming County Economic Development Authority, Pineville, West Virginia, $500,000. Funds will be used as a source of funding for fixed assets and working capital primarily to industrial/manufacturing entities in Wyoming County, a Champion Community. The fund will encourage applications from women and minority owned businesses.
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