USDA Loans to Help Create Jobs, Spur Rural Economic Development
Agriculture Under Secretary Lisa Mensah today announced five awards to expand access to credit for rural businesses, particularly small businesses in poor and underserved areas.
“Helping rural businesses get access to investment capital is one of the most effective ways to help rural economies grow,” Mensah said during a visit here today. “These loans will help businesses create jobs, expand their operations, invest in materials and equipment, and promote their success and growth.
USDA Rural Development is providing a total of $2.55 million in loans to five non-profit groups through the Intermediary Relending Program (IRP). Under the IRP program, USDA provides loans to local organizations so they can create revolving loan funds for businesses.
Mississippi’s North Central Planning and Development District (NCPDD) has been selected to receive a $600,000 IRP loan. NCPDD is one of 10 planning and development districts in Mississippi. The districts were created by local governments to reduce poverty and address economic development and infrastructure issues on a multi-jurisdictional basis. NCPDD and all other IRP recipients are encouraged to work with other state and regional organizations that can provide additional resources.
The other four IRP awardees are:
- Iowa, Newton Development Corporation, $200,000
- New Hampshire, Coastal Economic Development Corporation, $500,000
- Missouri, Missouri Agricultural and Small Business Development Authority, $500,000
- South Dakota, Four Bands Community Fund, $750,000 […]
NCPDD provides planning, economic and community development, job training and social services in a rural, primarily agricultural area in North Central Mississippi. Its service region spans more than 150 miles from the Tennessee border to the middle of the state.
The area has a large low-income population. Many counties in the region have poverty levels above 20 percent and have been targeted for development aid through USDA’s Strike Force for Rural Growth and Opportunity Initiative. Unemployment rates in the region are significantly above the November 2014 state average of 7.3 percent.[…] Full release…
Learn more about the Intermediary Relending Program (IRP).