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USDA-RD sets Iowa loan fund meetings

By Staff | Jan 11, 2015

DES MOINES (USDA-RD) – U.S. Department of Agriculture Rural Development agency staff will present workshops from 8:30 a.m. to noon in four Farm News communities.

The workshops are designed to help rural community leaders establish, manage and market revolving loan funds. Revolving loan funds are established through a variety of USDA loan and grant programs and are a great way to assist with small business development in rural Iowa. Funds are made available to intermediaries which are typically rural electric cooperatives, regional council of governments or local economic development groups. The intermediaries make loans to small businesses and as the loans are paid back, the money is then re-loaned to other businesses.

“Helping to establish revolving loan funds is an important way USDA Rural Development helps improve economic opportunities across the state,” said U.S. Department of Agriculture State Director, Bill Menner. “There is no limit to the number of businesses that can be assisted as these funds are continually revolved and lent back out.”

The four locations are:

  • Jan. 14 – Kossuth/Palo Alto Economic Development Corp., 106 S. Dodge St., Suite 210, Algona.

RSVP Marybeth Foster, mbfoster@iastate.edu.

  • Jan. 28 – Iowa State Bank, 105 Albany Ave. SE, Orange City.

RSVP Marybeth Foster, mbfoster@iastate.edu.

  • Jan. 29 – Carroll Region XII Council of Governments, 1009 E. Anthony St., Carrol.

RSVP JoAnn Olberding, jolberding@region12cog.org.

  • Jan. 30 – ISU Extension & Outreach Office, 524 Lawler St., Iowa Falls.

RSVP Marybeth Foster, mbfoster@iastate.edu.

USDA Rural Development provides funding to various revolving loan fund administrators through its Intermediary Relending Program, Rural Business Enterprise Grants and Rural Economic Development Grants.

Last year more than $2.3 million in loans and grants were provided to rural organizations to help establish revolving funds.

Since 2009 more than 700 rural small businesses accessed more than $70 million from the 145 revolving loan funds assisted by USDA Rural Development in Iowa.

These loans helped rural small businesses in a variety of ways including the purchase of equipment, real estate and expansions.

USDA Rural Development’s funding continues to have a dramatic impact on rural communities across Iowa. Since 2009, USDA Rural Development has invested more than $3 billion on essential public facilities, small and emerging businesses, water and sewer systems, and housing opportunities for Iowa families.

This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,000 jobs, aided 2,600 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.

“We are known as the USDA mission area that can help build a community from the ground up,” Menner added. “Our investments are helping make rural communities places where people want to raise their children, open businesses and live for years to come.

“If you have an idea on how jobs can be created in rural Iowa, or how a rural community can improve the quality of life experience for their residents, give us a call today.”

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