Timothy Helmbrecht, USDA Rural Development Acting State Director in Iowa, today announced that O’Brien County Economic Development Corporation is receiving a $500,000 USDA loan to promote job creation opportunities in northwest Iowa.
“We are pleased to be assisting O’Brien County Economic Development Corporation with their efforts to create new jobs for rural Iowans,” Helmbrecht said. “Working with rural communities to support new economic development opportunities is a vital component of our agency’s mission.”
O’Brien County Economic Development Corporation is receiving funding through USDA Rural Development’s Intermediary Relending Program which provides 1 percent interest loans to local organizations that re-lend to businesses and for community-development projects in rural communities.
The USDA funding will supplement O’Brien County Economic Development Corporation’s active revolving loan fund which has made nearly 20 loans to local small businesses in the past 12 years.
USDA Rural Development funding has assisted more than 150 active revolving loan funds throughout the state through its Intermediary Relending Program, Rural Economic Development Grant Program (funds provided to local utility organizations) and the Rural Business Development Grant Program (funds provided to a wide range of applicants to support the expansion of small and emerging private businesses in rural areas).
These revolving loan funds are managed by intermediaries such as rural electric cooperatives and local and regional development organizations including Consumers Energy Cooperative, North West REC and Grow Iowa Foundation, Inc.
Current revolving loan funds in Iowa have more than $25 million available to support growth opportunities for small and emerging rural businesses.
Information about who manages these funds and the counties each intermediary serves can be found under the “Iowa Highlights” section at www.rd.usda.gov/ia or by contacting USDA Rural Development staff throughout Iowa.
To learn more about the O’Brien County Economic Development Corporation revolving loan fund please call Kiana Johnson at (712) 957-1313.
“Supporting small businesses and rural communities in Iowa further advances our state’s economic health,” Helmbrecht added. “This funding will provide important support services and access to capital for rural, small businesses.”
Contact USDA Rural Development
For more information about finance programs available through USDA Rural Development, please call (515) 284-4663 or visit the agency’s web site at www.rd.usda.gov/ia.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.