ALEXANDRIA, La., DEC 6, 2022 - U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced that the Department is investing $981 million to help create new and better market opportunities and expand essential services for rural people, businesses, and entrepreneurs in 47 states, Guam and the Virgin Islands.
Louisiana rural communities stand to benefit from this investment with $91,229,730 towards business growth and job security. State Director of Rural Development, Deidre Deculus Robert, stated, “Rural communities are an essential thread in our countries fabric and supporting them serves us all.” Secretary Vilsack shared, “Under the leadership of President Biden and Vice President Harris, USDA is dedicated to helping people through job creation and expansion of entrepreneurial opportunities in the rural places they live. The partnerships we’re announcing today demonstrate USDA’s commitment to advocating for rural business owners and building brighter futures for everyone in rural America.”
The funding will help keep resources, jobs and wealth made by rural people right at home through affordable financing and technical assistance. It will help rural Americans start businesses and allow small business owners to grow. It will also open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.
The following investments are examples of funding in Louisiana:
- Boat 2011 Number 2 LLC received $5,202,500. This Rural Development investment will be used to refinance debt and loan closing costs. Boat 2011 Number 2 LLC owns and operates MV C-Confidence, a 311' offshore supply vessel. The Confidence provides logistics support to the offshore oil and gas industry and is currently under charter with ESSO Exploration and Production. This loan will assist in saving 42 jobs in Houma, Louisiana.
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Hotel Monroe Holdings LLC received $18,961,000. This Rural Development investment will be used for construction, debt refinance, interest reserve accounts and loan closing costs. Hotel Monroe Holdings, LLC was formed to purchase two historic buildings in Monroe, Louisiana. The buildings will be renovated and transformed into a 69-room full-service boutique hotel and event center under the Hilton Tapestry Brand.
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Legacy Leader LLC stands to receive $10,000,000. This Rural Development investment will be used to refinance debt. Legacy Leader LLC was formed to own and operate offshore supply vessels for leasing to customers in the oil and gas and government sectors. The company owns and leases one OSV, the MV Roger White. This loan will assist in creating two jobs and saving twenty-eight.
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OM Parmatma LLC is receiving a $1,585,000 investment to refinance debt, working capital, renovation costs and loan fees. OM Parmatma, LLC was formed to own and operate a Super 8 hotel in New Iberia, Louisiana that sits on 2.99 acres. The hotel is two stories and has 94 rooms, a dining area, pool & whirlpool area, fitness center and other amenities with its 42,000 square foot frame. This loan will assist in creating two and saving 10 jobs in an area impacted by Hurricane Ida.
- Reagan Power & Compression LLC is receiving $10,000,000. This Rural Development investment will be used to refinance debt, real estate purchase, working capital, and loan closing costs. Founded in 1946, Reagan Power & Compression LLC is a compressor manufacture of reciprocating and rotary gas compression systems used to enhance oil recovery systems. RPC Property Holdings is the Real Estate holding company and Kilo- Pak Electrical Generating Systems, LLC is the company that stamps its name on all the generator products produced. This loan will assist in saving 72 jobs in the community of Broussard.
- Southland Steel Fabricators Inc. is receiving $24,730,000. This Rural Development investment will be used to refinance debt and loan closing costs. Southland Steel Fabricators Inc. is a full-service steel fabrication company that provides design, engineering, and manufacturing for projects ranging from light miscellaneous to heavy industrial applications. It provides services to the oil and gas, chemical, refinery, and utility sectors.
Background:
USDA is making 242 awards through eight programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Biofuel Producer Relief Payments Program, Business and Industry (B&I) Loan Guarantees, Community Facilities Guaranteed Loan Program, Rural Cooperative Development Grant Program, the Rural Economic Development Loan and Grant Program, Rural Innovation Stronger Economy Grants Program, the Rural Microentrepreneur Assistance Program and the Water and Waste Disposal Loan Guarantees.
The awards are being made in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas,
Utah, Vermont, Washington, Wisconsin, West Virginia, Wyoming, Guam and the Virgin Islands.
USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean-energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov.
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USDA is an equal opportunity provider, employer, and lender.