USDA-RD awards $4.9 million in Iowa
DES MOINES – (US- DA-RD) Agriculture Secre- tary Tom Vilsackan- nounced July 29, funding for loans and grants for 92 projects worth $18.1 mil- lion to help support the start-up or expansion of ru- ral small businesses. These funds are part of more than 20,000 grants and loans to more than 85,000 rural businesses the U.S. Depart- ment of Agriculture’s Rural Business-Cooperative Serv-
ice has awarded since the start of the Obama adminis- tration.
“I am proud of the work USDA has done to help small businesses grow in rural America because they are the engine that creates jobs,” Vilsack said. “These funds will allow small and emerging businesses and the organizations that sup- port them to get the financ- ing they need to strengthen their operations, create jobs and expand economic op- portunities. Thanks to the 2014 Farm Bill, we can continue this work in a more streamlined and effi- cient way to benefit small businesses and the Ameri- can taxpayer.”
USDA is awarding the
funds through the Rural Economic Development Loan and Grant program, the Intermediary Relending Program and the Rural Business Development Grant program.
USDA provides grants or zero-interest loans through the REDLG program to utilities that in turn fund projects to create and retain employment in rural areas.
Vilsack announced $11.7 million in REDLG loans and grants for 18 re- cipients.
Projects in Iowa include:
- Central Iowa Power Cooperative – $2,000,000 loan to expand Co-Line Welding.
- Orange City Munici- pal Electric Utility –
$1,760,000 loan to help Orange City Area Health Foundation expand its re- tirement community.
- Western Iowa Power Cooperative – $250,000 grant to help Burgess Health Center construct a medically oriented gym.
- Minburn Telephone Company – $300,000 grant to create a revolving loan fund.
- North West Rural Electric Cooperative – $300,000 grant to renovate Hawarden Community Hospital.
- City of Pocahontas – $300,000 grant for Poca- hontas Community Hospi- tal’s expansion and renova- tion .
The funding for the
awardees is contingent up- on the recipients meeting the terms of the loan and grant agreements.
USDA Rural Develop- ment’s funding continues to have a dramatic impact on rural communities across Iowa. Since 2009, USDA Rural Development has in- vested more than $3 billion on essential public facili- ties, small and emerging businesses, water and sewer systems, and housing op- portunities for Iowa fami- lies.
This past year USDA Ru- ral Development’s invest- ment in Iowa helped create or retain more than 1,000 jobs, aided 2,400 families in buying their own homes and assisted more than 50
communities as they made improvements to their facil- ities, services and infra- structure.
For more information re- garding finance programs contact the USDA Rural Development office at (515) 284-4663 or: www.rd.usda.gov/ia.
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