Twenty-eight organizations in 11 states have been selected by USDA to receive $15 million in loans and grants to create or retain jobs and spur economic development in rural communities.
"These funds help rural communities build stronger local economies," Secretary of Agriculture Tom Vilsack said. "One of this program's strengths is that USDA works with organizations that are best positioned to help address an area's economic needs. The Obama administration is committed to working with local community leaders to increase economic opportunities and improve the quality of life for rural Americans."
The funding is provided to rural utility and telephone cooperatives through USDA Rural Development's Rural Economic Development Loan and Grant program. Recipients will re-lend loan funds to local businesses. The grants will be used to establish rural revolving loan funds which will be used to make loans to new and expanding rural businesses to create or retain jobs in rural areas.
For more information on USDA Rural Development programs, visit www.ruraldev.usda.gov.