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WASHINGTON, June 27, 2007 - Agriculture Secretary Mike Johanns today announced the award of $19.25 million to create or retain jobs at rural businesses.
"These funds will help local communities finance business expansions, implement economic development plans and make infrastructure improvements to ensure rural areas remain attractive, economically viable places to live and work," said Johanns. "The funding announced today is expected to help create or save more than 1,000 jobs in 23 states."
The funds are being provided through the USDA Rural Development Intermediary Relending Program, the Rural Economic Development Loan and Grant Program. Funding in the relending program is given to intermediaries, such as community development or regional planning groups, who then re-lend the funds to local businesses. The loans must be used to start new businesses, expand existing ones, or create or retain jobs. The economic development program provides funds to support job retention or job creation efforts in rural communities. Efforts are made to help designated rural communities address constraints in economic activity and growth, stagnant or declining employment, and isolation that has led to disconnection from markets, suppliers and centers of information and finance.
The following applicants were selected to receive Rural Economic Development Loan funds:
| Recipient |
State |
Loan Amount |
| Flint Electric Membership Corp. |
GA |
$740,000 |
| Coles-Moultrie Electric Cooperative |
IL |
$740,000 |
| Midwest Energy, Inc. |
KS |
$740,000 |
| Wheatland Electric Cooperative, Inc. |
KS |
$740,000 |
| North Central Missouri Electric Cooperative, Inc. |
MO |
$176,000 |
| Aiken Electric Cooperative, Inc. |
SC |
$740,000 |
| East River Electric Power Cooperative, Inc. |
SD |
$740,000 |
| Volunteer Energy Cooperative |
TN |
$700,000 |
| Baron Electric Cooperative |
WI |
$260,000 |
The following applicants were selected to receive Rural Economic Development Grant funds:
| Recipient |
State |
Grant Amount |
| Alabama Electric Cooperative |
AL |
$300,000 |
| Central Iowa Power Cooperative |
IA |
$300,000 |
| Central Iowa Power Cooperative |
IA |
$175,000 |
| East Otter Tail Telephone Company |
MN |
$250,000 |
| Cedar Knox Power District |
NE |
$100,000 |
| Tideland EMC |
NC |
$100,000 |
| Pee Dee Electric Cooperative, Inc. |
SC |
$300,000 |
| East River Electric Power Cooperative, Inc. |
SD |
$300,000 |
The following applicants were selected to receive Intermediary Relending Program loans:
| Recipient |
State |
Loan Amount |
| Sierra Economic Development District |
CA |
$500,000 |
| Regional Economic Development Investment, Inc. |
IA |
$375,000 |
| City of Pocahontas |
IA |
$402,939 |
| Kentucky Highlands Investment Corp. |
KY |
$750,000 |
| Maryland Capital Enterprises, Inc. |
MD |
$250,000 |
| Snowy Mountain Development Corp. |
MT |
$750,000 |
| Rural Electric Economic Development, Inc. |
SD |
$750,000 |
| Vermont Community Loan Fund |
VT |
$402,939 |
| The Lending Network |
WA |
$750,000 |
The following applicants were selected to receive Rural Business Enterprise Grants through the Empowerment Zone/Enterprise Community and Rural Economic Area Partnership.
| Recipient |
State |
Grant Amount |
| Communities Empowering People Together, Inc. |
GA |
$ 99,396 |
| Town of Fort Kent |
ME |
$ 98,000 |
| Westside Tule Enterprise Community |
CA |
$ 99,000 |
| Niijii Small Business Loan Fund, Inc. |
WI |
$ 64,081 |
| Finley Economic Development Corporation |
ND |
$58,400 |
| The Lakota Fund, Inc. |
SD |
$99,963 |
| Kentucky Highlands Investment Corporation |
KY |
$349,000 |
| Lehigh Development Authority |
OK |
$499,000 |
| Northern Community Investment Corporation |
VT |
$400,000 |
| Ke Aupuni Lokahi, Inc. |
HI |
$490,159 |
| Pulaski County Development Association |
IL |
$174,900 |
| Town of Allendale |
SC |
$500,000 |
| Phipps Bend Joint Venture |
TN |
$270,000 |
| Crisp-Dooly Joint Development Authority |
GA |
$99,999 |
| Northern Maine Development Corporation |
ME |
$199,000 |
| Desert Alliance for Community Empowerment |
CA |
$200,000 |
| Turtle Mountain Community College |
ND |
$100,000 |
| Lyndon State College |
VT |
$262,364 |
| Southern Illinois Stimulus Corporation |
IL |
$187,000 |
| Western Carolina Higher Education Commission |
SC |
$690,714 |
| Johnston County Industrial Authority |
OK |
$499,990 |
| Wayne County EZ Industrial Development Authority |
KY |
$499,000 |
| City of Vienna |
GA |
$99,590 |
| Northern Maine Finance Corporation |
ME |
$387,000 |
| Westside Tule Enterprise Community |
CA |
$99,000 |
| East Central University |
OK |
$404,444 |
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. Rural Development has invested more than $76.8 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, 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 web site at http://www.rurdev.usda.gov.
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