$1,040,000 federal funding to expand
June 11, 2009 - McMINNVILLE, Tenn.—Rural
Development Area Director Joe Woody and Caney Fork Electric Cooperative (CFEC)
General Manager Bill Rogers today announced a federal investment of $1,040,000
to construct a 45,000 square-foot building in Morrison's Mountain View
Industrial Park. The announcement was on site in McMinnville
Monday.
“Small business is the economic engine of rural
communities, creating good jobs and helping maintain a healthy, diversified
local economy,” said Woody. “Thanks to the support of our congressional
delegation Rural Development has the financial resources to support our good
partner Caney Fork Electric as they help to create jobs, diversify the local
economy while expanding its tax base.”
A Rural Development zero-interest loan of $740,000 will
be used by CFEC to provide a zero-interest loan for Warren County Industrial
Development Board (IDB) to construct the new building. Additional funding
includes a $300,000 USDA Rural Economic Development Grant, Tennessee Valley
Authority grant of $745,000, $300,000 FastTrack Infrastructure Development
Program grant, $215,000 Warren County IDB contributions and a $200,000 loan from
The grants announced today are part of USDA Rural
Development’s annual budget and are not funded through the American Recovery and
Reinvestment Act of 2009.
Warren County IDB is actively seeking companies
interested in relocating to the area. The new building allows the county to
provide immediate operational workspace to prospective businesses the available
space in the industrial district. In the past, not having space available has
hampered efforts to relocate businesses to the area and prevented the expansion
of the job market in
“Warren County IDB is dedicated to bringing businesses
into the local area and creating jobs that stay here,” said
The Rural Development rural economic development loan
program provides funding to local electric cooperatives to be invested in
businesses within their service area. The program promotes a healthy economic
environment and supports the creation of good private-sector jobs in rural
communities.
Caney Fork Electric Cooperative provides electricity for
homes and businesses in DeKalb, Warren, White and Van Buren
counties.
Others participating in the presentation included Sen.
Lamar Alexander's representative Lyndsay Botts, Sen. Bob Corker's representative
Betsy Ranalli, Rep. Lincoln Davis' representative Justin Walling, Warren County
Mayor John Pelham, CFEC Director of Membership Services Terry Mullican and RD
Area Technician Alice Wills.
USDA Rural Development invests in rural communities
through business development, community and homeownership programs. Last year
Rural Development assisted more than 678,000
For more information on Rural Development programs
available in the
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