Agriculture Secretary Vilsack Announces Economic Development Funding To Create Jobs In Rural Communities In 11 States

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Title: Agriculture Secretary Vilsack Announces Economic Development Funding To Create Jobs In Rural Communities In 11 States

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Press Release No.: PENDING

Contact:

Weldon Freeman (202) 690-1384

 

Agriculture Secretary Vilsack Announces Economic Development Funding To Create Jobs In Rural Communities In 11 States

 

WASHINGTON, June 29, 2011 – Agriculture Secretary Tom Vilsack today announced the selection of 21 utilities in 11 states for loans and grants to help rural businesses expand and create jobs.

 

“These loans and grants help cooperatives and utilities support local projects that create jobs and improve rural economic conditions,” Vilsack said. “USDA is proud to be a partner in the effort to bolster these cooperatives and help them win the future by increasing the value and appeal of the products and services they deliver.”

 

The loans and grants are being provided through USDA Rural Development’s Rural Economic Development Loan and Grant program. Recipients are rural utilities program borrowers that pass the funds to local organizations for projects to retain and create jobs, upgrade public infrastructure, improve service delivery and improve the quality of life for area residents and visitors.

 

For example, the Federated Rural Electric Association in Jackson, Minn., has been selected for a $740,000 loan to expand the Arco Corporation facility and construct a visitor center. The additional space will allow the company to increase manufacturing production of high horse- power tractors and related equipment. The new facility is expected to create 100 jobs.

The Utilities District of Western Indiana, Rural Electric Membership Cooperative (REMC), was selected to receive a $740,000 Rural Development loan and $300,000 grant to fund a new elevated water storage tank and supply lines. The project will enhance the water capacity of the Westgate Tech Park and the towns of Scotland and Crane, Ind., while creating an estimated 385 jobs.

 

Vilsack announced more than $12.3 million in economic development loans and grants today. A complete list of projects that were selected for funding is below. Funding for each project is contingent upon the recipient meeting the terms of the loan or grant agreement.

 

Colorado

 

Indiana

 

Iowa

 

Kansas

 

 

Kentucky

 

 

Minnesota

 

 

Mississippi

 Montana

 

Oregon

 

South Carolina

 

South Dakota

 

   In June, the President signed an Executive Order establishing the first WHRC chaired by Agriculture Secretary Tom Vilsack. To better coordinate Federal programs and maximize the impact of Federal investment, the White House Rural Council will work throughout government to create policies to promote economic prosperity and a high quality of life in our rural communities.

   Since taking office, President Obama’s Administration has taken significant steps to improve the lives of rural Americans and has provided broad support for rural communities.  The Obama Administration has set goals of modernizing infrastructure by providing broadband access to 10 million Americans, expanding educational opportunities for students in rural areas, and providing affordable health care.  In the long term, these unparalleled rural investments will help ensure that America’s rural communities are repopulating, self-sustaining, and thriving economically.

   USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. Rural Development has an existing portfolio of more than $150 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.

Visit http://www.rurdev.usda.gov for additional information about the agency's programs or to locate the USDA Rural Development office nearest you.

 

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