USDA Announces $16.6 Million In Economic Development Funding
Acting Secretary Chuck Conner today announced that 30 recipients will receive $16.6 million in loans and grants to spur economic development with the objective to create or save nearly 2,200 jobs in 18 states.
“Creating jobs is a core part of our Rural Development goals,” Conner said. “These funds invest in the future of rural communities and their residents to increase economic opportunities throughout rural America.”
For example, the Norris Public Power District in Beatrice, Neb., was selected to receive a $300,000 rural economic development loan to help the Beatrice Community Hospital and Health Center buy an MRI suite and scanner. Norris plans to establish a revolving loan fund to help other eligible recipients when the hospital repays the loan. The Rural Economic Development Loan and Grant program provides zero-interest loans and grants to Rural Development utility program borrowers, which in turn re-lend the money at zero interest to local entities to promote economic development and job creation projects.
In Oregon, the Mid-Columbia Economic Development District will receive $750,000 through USDA’s Intermediary Relending Program for non-profit organizations assistance to help create 105 jobs for Hood River, Wasco and Sherman counties. Funding in the Intermediary Relending Program goes to community development or regional planning groups as intermediaries, who then re-lend the money to local businesses. The loans must be used to start new businesses, expand existing ones, or create or retain jobs.
The following is a complete list of groups selected to receive Rural Economic Development Loan and Grant and Intermediary Relending Program awards. Funding of individual recipients will be contingent upon their meeting the conditions of the grant agreement.
Rural Economic Development Loan and Grant Program
Recipient - State- Award Amount
Midland Power Cooperative IA $390,000
Bluestem Electric Cooperative, Inc. (Clay County Medical Center) KS $740,000
South Kentucky Rural Electric Cooperative Corporation (McCreary County Fiscal Court) (Loan and Grant Award) KY $140,000
South Kentucky Rural Electric Cooperative Corporation- (Somerset-Pulaski County Development Foundation) KY $740,000
South Kentucky Rural Electric Cooperative Corporation (McCreary County Fiscal Court(Loan and Grant Award) KY $300,000
East Otter Tail Telephone Company MN $300,000
White River Valley Electric Cooperative, Inc. MO $250,000
Norris Public Power District NE $300,000
Santee Electric Cooperative, Inc.(SEC) SC $740,000
Paris Board of Public Utilities TN $740,000
Intermediary Relending Program
Recipient State Award Amount
Region 9 Economic Development District CO $250,000
Colorado Housing Enterprises, LLC (CRHDC) CO $1,000,000
Eagle Grove Community Development Corporation IA $100,000
Southeast Kentucky Economic Development Corporation, Inc. KY $448,209
Coastal Enterprises, Inc. (CEI) ME $750,000
Cape and Islands Community Development, Inc. MA $750,000
Community Development of Morrison County MN $500,000
Butte Local Development Corporation MT $750,000
Nebraska Northwest Development Corporation (NNDC) NE $250,000
Delaware County Local Development Corporation NY $750,000
Advancement, Inc. NC $500,000
The Sequoyah Fund, Inc. NC $750,000
South Central Dakota Regional Council ND $300,000
Dakota Medical Foundation (DMF) ND $750,000
Community Development and Improvement Corporation (CDIC) SC $750,000
Santee-Lynches Regional Development Corporation SC $750,000
Deadwood Economic Development Corporation (DEDC) SD $750,000
South Dakota Value Added Finance Authority (SDVAFA) SD $750,000
Mid-Columbia Economic Development District OR $750,000
Virginia Community Capital, Inc. VA $448,209
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. USDA Rural Development has invested more than $76.8 billion since 2001 for equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. More than 1.5 million 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 website at http://www.rurdev.usda.gov
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