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USDA Celebrates Increased Funding for Michigan Business Through Venture North Revolving Loan Program

Name
Bobbie Morrison
City
East Lansing
Release Date

U.S. Dept. of Agriculture Rural Development State Director for Michigan James J. Turner today joined local officials to celebrate announcement of increased financial support for Venture North to expand the existing revolving loan program.  

“Cherry Capital Foods is just one example of the businesses Venture North has helped by utilizing USDA Rural Development’s Intermediary Relending Program” said Turner. “The program Venture North has created has a proven track record in northwest Michigan and we are happy to be able to help expand the businesses it can reach.”

USDA Rural Development reviews applications for funding on a quarterly basis under the Intermediary Relending Program.  Please contact the Rural Development State Office at 517 324-5157 for more information.

Venture North provides capital to meet the needs of business to support economic development and job creation.   Funding provided by USDA for relending by Venture North is used for working capital, product line expansion, market diversification, receivable financing and machine and equipment purchases.

USDA Rural Development State Director for Michigan James J. Turner was appointed by President Barack Obama in 2009.  USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Under the Obama Administration, USDA Rural Development has invested more than $7.2 billion in Michigan projects.