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USDA Invests $58 Million to Expand Market Opportunities for Rural Businesses in Oklahoma

Name
Amy Cowley
City
STILLWATER
Release Date
May 24, 2022

U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced that the Department is investing $58,291,473 in guaranteed loans to support 15 projects in rural Oklahoma.

“Through the Business & Industry Guaranteed Loan Program, businesses in rural Oklahoma are being assisted with financing needs such as construction and expansion expenses, equipment and real estate purchases, allowing these businesses to create and retain jobs in their rural communities,” said Kenneth Corn, USDA Rural Development Oklahoma State Director.

The funding will help a diverse rural Oklahoma 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.

Projects in Oklahoma include:

  • Kingfisher Disposal Services LLC – will use funding to purchase real estate and provide construction funding for a saltwater disposal well in Blanchard as well as purchase an additional disposal well in Watonga, Okla.
  • Baray Enterprises Inc. dba Nance Precast – will use funding to purchase concrete pipe equipment to expand the number of contracts with local municipalities and the Oklahoma Department of Transportation for concrete barriers.
  • Aarna Sneh Sai Hotel LLC – will use funding to update the Ramada Inn in Enid to meet the specifications of the Wyndham Hotel.
  • Two States Sod Farm LLC – will use funding to purchase equipment and provide working capital for a 1500-acre sod farm in Spiro.
  • Tycoon Motorsports LLC – will use funding to make real estate improvements and provide operating capital to secure inventory.
  • Cedar Pointe CS LLC – will use funding to purchase a real estate site with five buildings to serve as office and warehouse units for lease to multiple businesses.
  • Zbest Properties LLC – will use funding to purchase real estate for the Schlotsky’s site in Ponca City as well as four other store properties in the state.
  • Bison Metals Technologies LLC – will use funding for working capital for custom copper tubing manufacturing to be used in HVAC and plumbing operations.
  • S&U Partners LLC – will use funding for the real estate acquisition of a Sunoco gas station/convenience store in Sallisaw.
  • Souter Limestone and Minerals LLC – will use funding to purchase equipment, real estate and provide working capital to allow expansion of its market for the Department of Transportation projects that include ag lime and asphalt stone.
  • Rocket Hospitality Duncan LLC – will use funding to renovate the Candlewood Suites in Duncan.
  • Bal Holdings LLC – will use funding to acquire an assisted living care center in Bartlesville.

The Business & Guaranteed Loan program offers loan guarantees to lenders for loans to rural businesses. Interested borrowers should inquire about the program with their lender. Lenders interested in participating in this program should contact USDA Rural Business and Cooperative Programs staff.

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.

If you'd like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.