U.S. Department of Agriculture Rural Development Acting State Director Bruce Jones announced that South Eastern Development Foundation based in Sioux Falls will receive $500,000 to provide low-interest loans to public and non-profit organizations to relend for business and community development.
“Investing in local businesses ensures that rural communities continue to be economically viable and attractive places to live and work,” said Jones.
The loan is being made through USDA Rural Development’s Intermediary Relending Program. The funds are provided to community development or regional planning groups who then re-lend to local businesses. Loans must be used to start new businesses, expand existing ones, or create or retain jobs.
For more information on the IRP program or any of the agencies programs, contact the Rural Development office nearest you. You can locate an office by visiting http://www.rd.usda.gov/contact-us/state-offices/sd. Visit http://www.rd.usda.gov/programs-services for information on all Rural Development’s programs.