USDA Recovery Act Loan Guarantees Spur Job Growth and Business Development
The estimated number of jobs created or saved through USDA Recovery Act investments in rural America continues to grow. Today, I am in Ohio, where USDA has provided over $59.5 million in loan guarantees to help rural businesses grow, innovate and create jobs. You can see economic activity everywhere.
For example, consider Pride of the Hills Manufacturing, Inc., a company that supports the natural gas industry. Pride of the Hills was awarded $1,940,000 in financing through the American Recovery and Reinvestment Act (Recovery Act), directed through USDA Rural Development’s Business and Industry Guaranteed Loan Program. The company will use the money to modernize equipment, improve operational efficiency and add 49 new jobs.
Earlier today I announced that 15 businesses in 10 states will receive over $60 million in USDA Recovery Act loan guarantees to create and save jobs. These represent just a small part of the $1.6 billion in guaranteed USDA business loan funding that will create or save an estimated 33,000 jobs across the nation.
Another business that will benefit is JBT Grain Company in Middleton, Michigan. Using a loan guaranteed by USDA, the firm will build a new feed mill and pellet plant, creating 16 new jobs. A Manchester, Tennessee firm was selected to receive funding to build a 48 unit assisted living facility. Not only will the development benefit residents, it has already generated 22 new health-care related jobs.
A host of success stories like these are included in a report that USDA issued last week highlighting some of the 2,000 businesses nationwide that are benefiting from guaranteed loans provided through the Recovery Act. When you read the report, you’ll see that the Recovery Act is continuing to provide jobs and stimulate economic activity in rural America.
Tom Vilsack is Secretary of Agriculture