JOHANNS ANNOUNCES INVESTMENT OF $9.2 MILLION IN BUSINESS DEVELOPMENT FUNDS FOR RURAL AMERICA
Funding to Create or Save Over 1,800 Rural Jobs
WASHINGTON, March 24, 2005 - Agriculture Secretary Mike Johanns today announced the selection of 26 loan and grant recipients in 14 states that will receive $9.2 million in rural business development funds.
"I applaud the local community leadership for their efforts to secure these investments, which are needed to create economic opportunities and improve the quality of life available in their community," said Johanns. "These funds are part of the Bush Administration's ongoing efforts to spur economic development in rural areas and will help save or create more than 1,800 jobs."
The grants and loans are awarded through USDA Rural Development to electric and telecommunications cooperative organizations, which in turn provide loans or grants to support local economic or community development efforts. These funds are also part of an important leveraging effort. The $9.2 million in USDA investments will be matched with $59.7 million in additional investments to support a variety of businesses and community ventures, including community facilities and infrastructure, improving access to local medical care and other projects that encourage a favorable climate for jobs and growth.
Funding of selected applicants will be contingent upon meeting the conditions of the loan and/or grant agreement. A list of the awards can be found at http://www.rurdev.usda.gov/rd/newsroom/news.htm
Alabama
$450,000
Arkansas
$450,000
Georgia
$450,000
Iowa
$1,585,000
Kansas
$1,840,000
Minnesota
$1,350,000
Mississippi
$450,000
Missouri
$450,000
Nebraska
$200,000
North Dakota
$450,000
Oklahoma
$212,000
South Dakota
$450,000
Tennessee
$510,000
Wisconsin
$450,000
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development has invested over $50 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over 800,000 jobs have been created or saved through these investments. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA's web site at http://www.rurdev.usda.gov.
