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
Alaska
Arizona
California
Florida
Georgia
Idaho
Illinois
Iowa
Kentucky
Michigan
Mississippi
Missouri
Nebraska
Nevada
New York
North Carolina
North Dakota
Oklahoma
Oregon
Pennsylvania
Tennessee
Virginia
Wisconsin
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