Agriculture Secretary Tom Vilsack in January announced that loans and grants will be provided to applicants in 10 states to support businesses, improve the quality of medical care, and create or save hundreds of jobs. Funding is provided through USDA’s Rural Economic Development Loan and Grant program.
“During his State of the Union address last week, President Obama laid out a blueprint for an economy that’s built to last – an economy built on American energy, skills for American workers, and a renewal of American values,” said Vilsack. “The funding announced today will help support the President’s vision by providing our rural communities with resources to support small businesses, improve public facilities, and create new, sustainable jobs.
M.J.M. Electric Cooperative, Inc., Carlinville, received a $740,000 loan that will be reloaned for construction of a new implement dealership.
USDA’s Rural Economic Development Loan and Grant program (REDLG) loans are being provided to cooperatives and utilities that will then lend the money for projects that will create jobs and improve rural economic conditions. The public/private partnership is an effort to bolster rural communities. Under the program, USDA provides zero-interest loans to local utilities that they, in turn, pass through to local businesses for projects that will create and retain employment in rural areas. For more information go to www.rurdev.usda.gov.