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USDA Invests $40 Million to Expand Market Opportunities for Rural Businesses and People in North Carolina

Name
Robert Kerns
City
Raleigh
Release Date
May 24, 2022

12 Projects Will Help People in Socially Vulnerable Communities

RALEIGH, N.C., May 24, 2022 – U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced the Department is investing $40 million to help create new and better market opportunities for rural businesses and people in North Carolina today.

“The economic success of rural America has long been the bedrock of our Nation’s economy as a whole,” Vilsack said. “Under the leadership of President Biden and Vice President Harris, USDA is prioritizing investment in jobs, businesses, and entrepreneurial opportunities in rural America. The investments we’re announcing today demonstrate how USDA remains committed to helping people in rural America create new and better market opportunities for our country.

The funding will help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. It will also help entrepreneurs and business cooperatives create jobs, grow businesses, and find new and better markets for the items they produce.

Under the leadership of President Biden, Vice President Harris and Secretary Vilsack, USDA is expanding access to capital to prioritize rural economic development,” said Rural Development State Director Reginald Speight. “These investments include funding for 12 projects totaling $40 million for people living in socially vulnerable communities in North Carolina. USDA is making the investments in two programs in our state specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry Loan Guarantee Program, Rural Economic Development Loan and Grant Program.”

For example:

  • In Aberdeen, Jay Dan Gigev Realty 1405 will use a $2 million loan to finance the acquisition of a 88 room Quality Inn.
  • In Bladen County, Four County EMC will use a $300 thousand grant to purchase 10 new patrol cars. The new cars will be equipped with a touch display screen, electric power steering, heavy duty suspension capabilities, adjustable max speed, integrated voice command with Bluetooth, and keyless go and severe duty engine cooling.  
  • In Blanch, Yanceyville Farm will use a $3 million loan to provide additional financing and for a partial upgrade to an existing six-megawatt direct current ground mounted solar facility. The project has been operating since late 2013 and the owner will be replacing a portion of the modules at the site and continuing to sell power to Duke Energy.
  • In Bryson City, Bryson City Property Holdings and Bryson City Note Holdings will use a $5 million loan to refinance three loans secured by Bryson City Property Holdings for Bryson Senior Living.  
  • In Burlington, Brothers Freight Management Company will use a $4 million loan to acquire a logistics depo, refinance equipment, debt, and pay transaction fees.
  • In Columbia, East Coast AL Holdings will use a $5 million loan to refinance debt secured for the 32 unit assisted living facility Tyrrell Home. 
  • In Fletcher, Centurion Capital Investments and Moto Group will use a $6 million loan to purchase a facility and equipment. Moto Group will combine all operations and corporate office space into a single location and allow for future expansion.
  • In Lake Lure, Rutherfordco and Bostic Health Holdings will use a $10 million loan to construct a 62-bed assisted living facility, purchase furniture, fixtures, equipment, and provide working capital.
  • In Ocean Isle Beach, Brunswick EMC will use a $389 thousand loan and $300 thousand grant to purchase a new ladder truck and necessary equipment for the towns fire department.
  • In Patterson, Blue Ridge EMC will use a $208 thousand grant to purchase a fire truck for the town.  
  • In Pender County, Four County EMC will use a $300 thousand loan and $300 thousand grant to assist in the purchase of an ambulance and associated equipment for Rocky Point.
  • In Wadesboro, Pee Dee Electric Membership Corporation will use a $225 thousand loan and $300 thousand grant to purchase a new fire truck for the town’s fire department. The new 2022 Pumper truck will be equipped with a two thousand gallons per minute pump and a one-thousand-gallon on-board water tank. 

Background:

USDA is making 155 investments nationwide through three programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program.

The awards are being made in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Michigan, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Texas, Utah, Virginia, Vermont, Washington, West Virginia, Wyoming and Puerto Rico.

USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean-energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans 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, tribal and high-poverty areas. For more information, visit www.rd.usda.gov.

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