Tuesday, February 13, 2007

USDA -$4.6 Million for Business Development

News UpdateFeb. 12, 2007

USDA Announces $4.6M to Promote Business Development, Job Creation

Agriculture Secretary Mike Johanns today announced the award of $4.6 million in loan and grant funds to promote business development in eight states. Johanns said an estimated 627 jobs will be created or saved through the funds, being provided through the U.S. Department of Agriculture (USDA) Rural Development’s Intermediary Relending and Rural Business Enterprise Grant programs.

Since August 2003, more than 7.2 million jobs have been created in the U.S., more jobs than the European Union (EU) and Japan combined. The economy has now added jobs for 40 straight months, according to the Department of Labor.

The Intermediary Relending program provides 1% loans to nonprofit development organizations for the establishment of revolving loan programs for loans to small businesses. Applications are selected for funding through a nationwide competition. Rural Business Enterprise grants facilitate the development of small and emerging private businesses. Public bodies, private nonprofit corporations and federally recognized Indian tribal groups in rural areas are eligible to apply.

States receiving funding include California, Montana, North Carolina, North Dakota, Oregon, South Dakota, Vermont and Wisconsin. A complete listing of the organizations receiving loan and grant funds is available at www.rurdev.usda.gov.

1 comment:

Anonymous said...

I wonder why other states were excluded from this.