The Recovery Act funding by USDA
Posted on Jan 28 by Tatiana under recovery-act
The names of the 44 beneficiaries to get more than $4 million in the form of grants have been announced by the USDA last week. The fund will be used to create new job opportunities and to expand the existing business set up among the rural business communities. The amount has been given by the American Recovery and Reinvestment Act to enable the business community to access the most important capital funds to help start the new ventures and facilitate the working capital loans, provide money for renovations, improve transport conditions. It will also help to reinvent the planning process for the projects and to meet the other regular needs of any business.
The Agricultural Utilization Research Institute from Crookston, Minnesota has been granted a sum of $99,000/- to be used to give technical assistance to small and emerging businesses in the biomass processing industry. It is spread across seven rural counties and plays an important role in the revenue of the city. Speaking about the new grant, Colleen Landkamer, State Director of Rural Development for Minnesota said that the grant funding will have a positive impact on the main street business in rural Minnesota.
In Nobles County, the city of Adrian will be given $99,999/- for setting up a revolving loan. The fund will provide assistance to the small and upcoming business establishments.
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