Nick Fetty | July 22, 2016
U.S. Secretary of Agriculture Tom Vilsack announced last week that the U.S. Department of Agriculture will award more than $1 million for job growth and economic development efforts in Iowa.
Iowa Lakes Electric Cooperative was awarded a $300,000 grant so the Iowa Lakes Corridor Development can construct a facility in the Spirit Lake Industrial Park and attract new businesses to the area. Winnebago Cooperative Telecom Association will receive a loan of $780,000 to help All States Ag Parts purchase machinery, equipment and inventory for business expansion and relocation to a new building. The investment is expected to create 51 jobs.
The funding is part of more than $9 million in grants and loans for 15 projects dispersed across 12 states. Other states to receive funding include Alabama, Florida, Kentucky, Minnesota, Missouri, Nebraska, North Carolina, South Carolina, South Dakota, Tennessee, and Wisconsin. The funding is part of USDA’s Rural Economic Development Loan and Grant program which offers “zero-interest loans and grants to utilities that lend funds to local businesses for projects to create and retain employment.”
“Small businesses are the cornerstone of the rural economy,” said Vilsack, who is among the finalists for presumptive Democratic presidential nominee Hilary Clinton’s vice president pick. “During the Obama Administration, USDA’s investments have directly helped more than 100,000 small business get off the ground or expand, and the projects announced today will help 15 more rural communities see job growth and economic development.”
Funding for each project is contingent upon the recipient meeting the terms of the loan or grant agreement.