VILSACK ANNOUNCES RURAL ECONOMIC DEVELOPMENT LOAN AND GRANT RECIPIENTS
WASHINGTON, Jan. 27, 2009 - Agriculture Secretary Tom Vilsack today announced that utilities in 13 states have been selected to receive $18.1 million through USDA Rural Development's Rural Economic Development Loan and Grant program.
"Providing capital to support small business development and improve the quality of health care in rural communities is a key part of USDA Rural Development's mission," Vilsack said. "By working with our partners, including utilities, USDA is helping to fund rural infrastructure improvements that will support President Obama's goal of enhancing the quality of community life and helping small businesses compete more effectively."
Rural Development is awarding $14.2 million in loans and $3.9 million in grants to a total of 27 applicants. Funds are allocated to Rural Utilities program borrowers, usually rural telephone or electric cooperatives, which in turn provide loans to local rural businesses and communities. Funding of individual recipients is contingent upon their meeting the conditions of the loan or grant agreement.
The projects are expected to create or save a total of more than 1,800 jobs in Alabama, Colorado, Georgia, Illinois, Iowa, Kansas, Kentucky, Missouri, Nebraska, North Dakota, South Carolina, South Dakota and Tennessee.
For example, Se-Ma-No Electric Cooperative in Mansfield, Mo., has been selected to receive a $740,000 loan to build a rural health clinic and ambulance base in the community of Mountain Grove. The project is expected to create 15 new jobs. The Coastal Electric Cooperative of Midway, Ga., has been selected to receive a $740,000 loan and a $300,000 grant to help the McIntosh County Industrial Development Authority finance expansion of a local industrial park. The project is expected to create 183 jobs.
A complete list of loan and grant recipients is available on the USDA Rural Development web site at http://www.rurdev.usda.gov.
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports creation of critical community and technology infrastructure. 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.
The following have been selected to receive USDA Rural Development Rural Economic Development Loans and Grants:
State
Recipient
Loan Amount
Grant Amount
AL
Sand Mountain Electric Cooperative, Inc.
$360,000
AL
Sand Mountain Electric Cooperative, Inc.
$350,000
CO
Mountain Parks Electric Association
$300,000
GA
Satilla Electric Membership Corporation
$740,000
$300,000
GA
Coastal Electric Cooperative
$740,000
$300,000
GA
Jefferson Energy Cooperative
$650,000
GA
Little Ocmulgee Electric Membership Corporation
$740,000
IA
Grundy County Rural Electric Cooperative
$454,000
IA
Central Iowa Power Cooperative
$700,000
IA
Heartland Power Cooperative
$225,000
IA
Rock Rapids Municipal Utilities
$300,000
IA
Algona Municipal Utilities
$300,000
IL
McDonough Power Cooperative
$740,000
KS
Wheatland Electric Cooperative, Inc. (Farrar Corporation)
$740,000
KS
Twin Valley Electric Cooperative, Inc.
$740,000
$300,000
KS
Midwest Energy, Inc.
$740,000
KY
Jackson Energy Cooperative Corporation
$140,000
$300,000
KY
South Kentucky Rural Electric Cooperative Corporation (Somerset-Pulaski County Development Foundation, Inc.)
$740,000
$300,000
KY
South Kentucky Rural Electric Cooperative Corporation (Jondy Chemicals, Inc., dba Ultra Shield)
