Kentucky Ag News
USDA invests more than $9 million to support small businesses in 12 states
Governor's Office of Agricultural Policy
WASHINGTON - Agriculture Secretary Tom Vilsack recently announced the investment of more than $9 million in loans and grants to support job growth and economic development in 12 states. The funding is being provided through USDA's Rural Economic Development Loan and Grant (REDLG) program, through which USDA provides zero-interest loans and grants to utilities that lend funds to local businesses for projects to create and retain employment.
A $1 million grant went to the Fleming-Mason Energy Cooperative to help Greentree Forest Products Inc., a family-owned hardwood milling company, purchase resaw milling equipment. The project is expected to create six jobs.
"Small businesses are the cornerstone of the rural economy," Vilsack said. "During the Obama Administration, USDA's investments have directly helped more than 100,000 small business get off the ground or expand, and the projects announced today will help 15 more rural communities see job growth and economic development."
Under the announcement, USDA is investing in 15 projects to create jobs and expand economic opportunity in rural communities. Funding of each award is contingent upon the recipient meeting the terms of the loan or grant agreement.