USDA Rural Development State Director Vernita F. Dore today announced that USDA is investing $1 million in economic development in South Carolina through the Rural Economic Development Loan and Grant Program (REDLG).
Under the REDLG program, USDA provides zero-interest loans to local utilities which then, in turn, relend the funds to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The program funds business start-up or expansion, business incubators, education and training facilities and equipment, community development assistance, health care and other projects that support rural jobs.
Dore said, "USDA’s investment in South Carolina helps to strengthen rural businesses and promote economic development."
For example, the Santee Electric Cooperative is receiving a $1 million Rural Economic Development loan to support the local "Help My House program," which makes energy efficiency improvements in the rural areas of Williamsburg, Georgetown, Clarendon and Florence Counties.
The Rural Economic Development Loan and Grant program directly supports the Obama Administration's Investing in Manufacturing Communities Partnership (IMCP) initiative to boost the manufacturing sector and create well-paying manufacturing jobs, using economic development resources available through existing Federal programs.
Through today’s announcement, USDA is providing over $59 million in loans and grants to 78 organizations in 31 states, including the District of Columbia, The funding is contingent upon the recipients meeting the terms of their loan or grant agreements.
President Obama’s historic investments in rural America have made our rural communities stronger. Under his leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities.