USDA boosts jobs & rural economies with $101.6 million in new loan guarantees

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p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">USDA boosts jobs & rural economies with $101.6 million in new loan guarantees

By Agri-Pulse Staff

© Copyright Agri-Pulse Communications, Inc.

Washington, March 30 - Agriculture Secretary Tom Vilsack has announced new USDA loan guarantees for 44 projects in 24 states to provide economic opportunities and promote job creation. The funding is provided by the American Recovery and Reinvestment Act generally known as the stimulus bill.

“To bring prosperity to rural America in a meaningful, significant way, we have to expand business opportunities and create jobs,” Vilsack said. “These loan guarantees will boost local economies and support job creation, making rural America more competitive for generations to come. Some of these guarantees will also support President Obama's comprehensive renewable energy strategy by promoting renewable fuel production.”

For example, Viscon California, LLC has been selected to receive a $4.25 million guaranteed loan to continue manufacturing and distributing environmentally beneficial fuel additives and related products at a plant in Bakersfield, CA. The patented hydrocarbon additive reduces nitrogen oxides and particulate matter emissions, improves engine efficiency and increases horsepower when added to diesel or biodiesel.

Oklahoma Material Recycling, LLC was selected to receive a $10 million guaranteed loan to bring metals recycling technology to the rural community of Atoka, OK. Together with $8.43 million of private investment, the firm will develop a manufacturing plant to recycle oil refinery waste, creating technical grade molybdenum oxide powder, a corrosion resistant hardening additive for stainless and other alloy steels.

The loan guaranteed funding announced today supports 44 projects and totals $101.6 million. USDA Rural Development's Business and Industry Guaranteed Loan Program received $1.57 billion in Recovery Act funding from Congress to help rural businesses stimulate their economies and support their communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies, and individuals. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.

More information about USDA's Recovery Act efforts is available at www.usda.gov/recovery. More information about the federal government's efforts on the Recovery Act is available at www.recovery.gov.

A list of borrowers receiving loan awards is shown below. Funding is contingent upon borrowers meeting conditions in the loan agreement.

Alabama

  • United Casework, Inc.; The Union Bank: $2,400,000 loan
  • Valley Assisted Living, LLC; Community Bank & Trust-West Georgia : $1,900,000 loan

Alaska

  • The Auction Block Company; Wells Fargo Bank, N.A.: $1,265,000 loan
  • Alaska Wildland Adventures; Alaska Growth Capital: $4,070,000 loan

Arizona

  • High Desert Investment Company; Alliance Bank of Arizona: $2,000,000 loan

California

  • Alta & Saginaw Associates, LLC; Suncrest Bank: $3,055,000 loan
  •  Viscon California, LLC, LPOD, Inc., and M&W Porter Properties, LLC; National Bank of California: $4,250,000 loan
  •  MSKB Tahoe Properties, LP; Farmer Mac II LLC: $2,242,000 loan
  •  Aghaloo DDS, LLC; Midwest Business Capital/UMWSB: $1,600,000 loan

Florida

  • William Roe & Sons; Fifth Third Bank: $7,950,000 loan

Georgia

  • AmeriVap Systems, Inc. & Werner H. Hiercks; Community Bank of Pickens County: $2,425,000 loan
  • Ben Hill Nursing, LLC; Community Bank & Trust-West Georgia: $4,750,000 loan

Idaho

  • Rocky Mountain Agronomics, Inc.; Key Bank: $1,000,000 loan

Illinois

  • QC Manufacturing, LLC; Country Bank: $5,950,000 loan

Iowa

  • Solon Feed Mill; Bridge Community Bank: $675,000 loan
  • Story Wind Energy, LLC; Security State Bank: $600,000 loan

Kentucky

  • Kentucky Frontier Gas, LLC; Community Trust Bank, Inc.: $1,746,400 loan

Michigan

  • Superior Asphalt, Inc.; Chemical Bank: $3,259,000 loan

Mississippi

  • Delta Oil Mill; Trustmark National Bank: $6,000,000 loan

Missouri

  • Hummer, Angie; Bank of Atchison, USB: $1,572,000 loan
  • Alliance Land Holdings, LLC; Nodaway Valley Bank: $3,090,000 loan
  • Powerflex Systems Corp.; Seymour Bank: $325,000 loan
  • William B. Hull; Farmers State Bank: $180,000 loan
  • Reed LLC dba Jolly Cone; Sterling Bank: $475,000 loan

Nebraska

  • True Value Store; Thayer County Bank: $208,500 loan

Nevada

  • Barry & Ronna King; Nevada Commerce Bank: $1,905,855 loan

New York

  • Mo's Real Estate Holding Company, LLC; Pathfinder Bank: $875,000 loan

North Carolina

  • Direct Marketing Access, Inc.; Self Help Credit Union: $450,000 loan
  • Madison Greenlight 2009, LLC; Branch Banking & Trust: $1,080,000 loan
  • Cynthia Elias / Edward J. Elias dba Creek Side Veterinary Hospital; Southern Bank: $824,000 loan

North Dakota

  • Dakota REIT; Cornerstone Bank: $1,525,000 loan
  • RJ McDonald Properties, LLC; Citizens Community Credit Union: $950,000 loan

Oklahoma

  • B & B Hospitality, Inc.; Borrego Springs Bank: $3,000,000 loan
  • Thomas Drug, Inc.; Bank of Western Oklahoma: $1,650,000 loan
  • Johnson Enterprises Holding Co., Inc.; First National Bank: $3,158,500 loan
  • Oklahoma Materials Recycling, LLC; Ameristate Bank: $10,000,000 loan

Oregon

  • William Leslie dba Gib's RV Superstore; Oregon Pacific Banking Co.: $1,072,500 loan
  • Pacific Nursery, Inc.; Beach Business Bank: $750,000 loan

Pennsylvania

  • Keystone Contracting; First National Bank of Marysville: $500,000 loan
  • Susquehanna Trail Solar; Woodlands Bank: $645,000 loan

Tennessee

  • United Entertainment Corp.; Home Federal Savings Bank: $1,700,000 loan
  • Paris Healthcare Facility & Rehabilitation Center; Community South Bank: $5,821,000 loan

Virginia

  • Marion Mold & Tool, Inc.; The Bank of Marion: $400,000 loan

Wisconsin

  • Verrette Materials, Inc. & Champion, Inc.; Wisconsin Community Bank: $2,370,000 loan

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