Agriculture Secretary Tom Vilsack today announced loans and grants for 39 projects that will help rural businesses in 21 states and the Commonwealth of Puerto Rico.
“Supporting small, rural businesses helps create jobs and promote entrepreneurship,” Vilsack said. “These loans and grants will give businesses access to the capital and technical assistance they need to remain competitive in today’s global economy.”
USDA Rural Development Maine State Director Virginia Manuel said, “This essential Rural Development funding will benefit small businesses in central and downeast Maine, giving approximately 16 businesses an opportunity for growth to help them succeed, create and retain jobs, and encourage economic development in these rural Maine communities.”
USDA is awarding $12.5 million in loans and grants through the Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP), the Rural Business Development Grant (RBDG) program, and the Rural Microentrepreneur Assistance Program (RMAP) program.
In Maine, the Eastern Maine Development Corporation, in Bangor, has been selected to receive a Rural Microentrepreneur Assistance Program Loan in the amount of $500,000. Loan funds will be used to capitalize a Rural Microloan Revolving Fund to make microloans to rural microentrepreneurs and microenterprises. EMDC’s service area includes all of Hancock, Knox, Penobscot, Piscataquis, Waldo, and Washington Counties. Their mission is to improve economic opportunity for all persons in their region. This loan fund will assist with creating 8 jobs, saving 16, and assisting 16 businesses.
Funding of each award announced today is contingent upon the recipient meeting the terms of the loan or grant agreement.
Since the start of the Obama administration, USDA’s Rural Business-Cooperative Service has helped 85,000 rural businesses.
USDA Rural Development has Area Offices located in Presque Isle, Bangor, Lewiston, and Scarborough, as well as a State Office, located in Bangor. There are 60 employees working to deliver the agency’s Housing, Business, and Community Programs, which are designed to improve the economic stability of rural communities, businesses, residents, and farmers, and improve the quality of life in rural Maine. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rd.usda.gov/me.