Agriculture Under Secretary Lisa Mensah today announced five awards to expand access to credit for rural businesses, particularly small businesses in poor and underserved areas. One of the recipients announced today is Newton Development Corporation, in Newton, Iowa.
“Helping rural businesses get access to investment capital is one of the most effective ways to help rural economies grow,” Mensah said. “These loans will help businesses create jobs, expand their operations, invest in materials and equipment, and promote their success and growth.
USDA Rural Development is providing a total of $2.55 million in loans to five non-profit groups through its Intermediary Relending Program (IRP). Under the IRP program, USDA provides loans to local organizations so they can create revolving loan funds for businesses.
Today’s recipients include:
• Iowa, Newton Development Corporation, $200,000
• New Hampshire, Coastal Economic Development Corporation, $500,000
• Missouri, Missouri Agricultural and Small Business Development Authority, $500,000
• South Dakota, Four Bands Community Fund, $750,000
• Mississippi, North Central Planning and Development District, $600,000
Newton Development Corporation will add this funding to its current revolving loan fund resources to continue helping improve business opportunities in and around the community. Newton was recently named a Main Street Community and has seen an increase in small-business development in recent years.
USDA Rural Development’s funding continues to have a dramatic impact on rural communities across Iowa. Since 2009, USDA Rural Development has invested more than $3 billion on essential public facilities, small and emerging businesses, water and sewer systems, and housing opportunities for Iowa families.
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,000 jobs, aided 2,600 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.
Further information on programs available through USDA Rural Development is available by calling (515) 284-4663 or by visiting the agency’s web site at www.rurdev.usda.gov/ia.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
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.