USDA interest-free loan helps expand rural jobs
Global demand for high-quality, American-made products is well established, and expanded rural exports have the potential to support additional jobs and growth in rural America. On June 3, Sam Rikkers, USDA Rural Development Administrator for Rural Business Services, was able to share that message from the production facility of IHI Turbo America, a manufacturing company based in Shelbyville, Ill. that continues to expand production and jobs.
“It’s exciting to see the success that IHI Turbo America is experiencing,” said Rikkers. “Rural Development helps connect rural business with the full landscape of available federal resources and ensure they have the support they need to access international markets.”
IHI Turbo America (ITA) designs and manufactures a full range of diesel, gasoline and natural gas turbocharger products and accessories for the agricultural, industrial, marine, commercial truck and military markets.
An interest-free Rural Economic Development Loan (REDL) of $1 million, provided to Shelby Electric Cooperative to then loan to ITA, supports an expansion project in excess of $3 million that is expected to create more than 20 new jobs.
“The use of Rural Development program funding by ITA through Shelby Electric is exactly what we want to see more companies and cooperatives doing in rural Illinois,” said Colleen Callahan, Rural Development Director for Illinois.