Two regions of rural Illinois will see projects focused on business growth move forward, thanks to a total of $550,000 in low interest loans provided by USDA Rural Development through the local electric cooperatives.
Jo-Carroll Energy Inc., serving several counties in northwest Illinois, received a $447,155 loan to finance the construction of a potato handling facility that will support an estimated 45 jobs. Norris Electric Cooperative, serving multiple counties in south central Illinois, received a $102,845 loan to finance the construction of an office and warehouse for a seed and chemical sales business. Building the 9,600-square-foot facility will enable the business to begin hiring now and plan for future job creation over the next five years.
“We’re a federal agency that provides a wide range of services through staff located right here in Illinois,” said Colleen Callahan, USDA Rural Development Director in Illinois. “Our focus is on strengthening rural communities and that means supporting local business so they can be competitive. Cooperatives, such as Jo-Carroll Energy and Norris Electric, are extremely valuable partners in providing local businesses the access to capital and technical assistance they need.”
The funding awards are through the Rural Economic Development Loans and Grants (REDLG) program to support rural businesses and create jobs. They are part of a recent announcement from Secretary Vilsack for a total of $12.5 million in loans and grants for 39 projects in 21 states and the Commonwealth of Puerto Rico. In addition to the REDLG program, the loans and grants are provided through USDA Rural Development’s Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP), the Rural Business Development Grant (RBDG) program, and the Rural Microentrepreneur Assistance Program (RMAP) program.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's 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.