The Trump Administration today announced that the United States Department of Agriculture (USDA) is investing $7.5 million in a Business and Industry Guaranteed Loan to help assist in the creation of a new manufacturing facility in Kanawha County.
The loan guarantee is being made to Ranger Scientific, who will use the loan to acquire the old Montgomery High School building as a base of operation for their ammunition manufacturing facility they are creating. Funds from the investment will also assist with renovations, machinery and equipment, and working capital. Along with the direct benefit to the communities of Montgomery and Smithers, this investment will also allow Ranger Scientific to create 16 jobs that will directly impact rural Kanawha and Fayette counties.
“One of the results this facility will bring to the communities of Montgomery and Smithers is a boost in their economic development, which in turn will enhance economic development throughout the Mountain State,” said Kris Warner, West Virginia State Director, U.S. Department of Agriculture. “Under the leadership of President Trump and Agriculture Secretary Perdue, USDA has been working tirelessly to be a strong partner to rural West Virginia businesses in building stronger and healthier communities, because we know when rural West Virginia thrives, all of America thrives.”
This project is one of eight in a statewide investment of more than $28 million in business and industry loan guarantees.
The Business and Industry Loan Guarantee Program improves the economic health of rural communities by increasing access to business capital through loan guarantees. This enables commercial lenders to provide affordable financing for rural businesses. For more information about the Business and Industry Loan Guarantee Program visit https://go.usa.gov/xGXbh.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs 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 areas. For more information, visit www.rd.usda.gov.
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