USDA awards loans, grants to support rural economic development in South Dakota
April 1, 2015
Agriculture Secretary Tom Vilsack today announced the award of $31 million in loans and grants for organizations in 12 states to promote rural economic development.
"These infrastructure investments will help rural residents start or expand businesses," Vilsack said. "The funds can be used for a wide range of needs. They can help businesses increase production and manufacturing capacity, and can even help rural homeowners save money by making their homes more energy efficient."
The funding is being provided through USDA's Rural Economic Development Loan and Grant (REDLG) program. Vilsack today announced $31 million in loans and grants for 38 projects in 12 states.
Through the REDLG program, USDA provides zero-interest loans and grants to utilities that lend funds to local businesses for projects to create and retain employment in rural areas. These revolving loan funds broaden the program's reach and create a multiplier effect for its impact. Eligible applicants are USDA Rural Utilities Service borrowers. Innovative USDA investments through this program are boosting economic development in rural communities all across the country, Vilsack noted.
South Dakota projects receiving awards today include:
West River Electric Association, Inc.
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$720,000 loan to help finance the Wall School Athletic Complex in Wall, SD.
H-D Electric Cooperative, Inc.
$300,000 grant to help Deuel Area Development make street, curb, gutter, water and sewer infrastructure improvements to improve lots in Clear Lake, SD.
Sioux Valley Southwestern Electric Cooperative, Inc.
$115,000 grant to help Jasper Rural Fire Department buy a fire truck and equipment.
$300,000 grant to help the Lake Area Improvement Corporation build a spec building in an industrial park in Madison, SD.
The awards announced are contingent upon the recipients meeting the terms of the loan or grant agreement. View the complete list of awards.
Since the beginning of the Obama Administration, the REDLG program has helped create or save more than 32,000 rural jobs, provided almost $338 million in economic development assistance, improved manufacturing capability, expanded health care and educational facilities and helped expand or establish almost 1,200 rural businesses and community projects.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities.
–USDA Rural Development