USDA Announces $59 Million in Loans and Grants to Increase Economic Opportunity

Name
Kate O'Hara
City
Champaign
State
Illinois
Release Date
Oct 30, 2014

Funding includes $4 Million in Rural Economic Development Loans (REDL) to Illinois Electric Cooperatives

 

CHAMPAIGN, Il., Oct 30, 2014 – USDA Rural Development has announced the selection of 85 utilities and development organizations for loans and grants to support rural business activities that will boost economic growth in rural communities – including two in Illinois.

“USDA Secretary Tom Vilsack has proclaimed October to be National Cooperative Month, which is a perfect time to highlight Rural Development projects in partnership with electric cooperatives,” said Colleen Callahan, IL Rural Development Director. “It is a partnership based on shared goals – we both operate for the benefit of our communities; we both work to stimulate economic growth and improve the quality of life.”

Illinois Rural Electric Cooperative has been approved for a $2 million loan that will be used for the expansion of Westermeyer Industries, Inc., located in Winchester, IL.  A design and product manufacturer for the air-conditioning and refrigeration industries, the addition of 37,000 square feet of manufacturing space to Westermeyer Industries is expected to help create 20 new jobs.

Shelby Electric Cooperative has also been approved for a $2 million loan that will be used for the expansion of IHI Turbo America, located in Shelbyville, IL.  An automotive and marine parts manufacturer, the additional 26,000 square feet of manufacturing and warehousing space is expected to help create 30 new jobs.

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.