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REAP Investment Fund, Inc. Awarded a $50,000 Grant
2/12/2007
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Agriculture Secretary Mike Johanns today announced the award of $4.6 million in loan and grant funds to promote business development in eight states. An estimated 627 jobs will be created or saved. The funds are being provided through USDA Rural Development's Intermediary Relending and Rural Business Enterprise Grant programs.
"Job creation is a hallmark of the Bush Administration, and these funds will continue building economic strength in rural America," said Johanns. "These grants will promote the creation of new businesses, assist existing businesses, save jobs and create new ones."
Since August 2003, more than 7.2 million jobs have been created in the U.S., more jobs than the European Union and Japan combined. The economy has now added jobs for 40 straight months, according to the Department of Labor.
The Intermediary Relending program provides 1 percent loans to non-profit development organizations for the establishment of revolving loan programs for loans to small businesses. Applications are selected for funding through a nationwide competition. Rural Business Enterprise grants facilitate the development of small and emerging private businesses. Public bodies, private non-profit corporations and federally recognized Indian tribal groups in rural areas are eligible to apply.
States receiving funding include: Calif., Mont., N.C., N.D, Ore., S.D., Vt. and Wis. A complete listing of the organizations receiving loan and grant funds is available at: http://www.rurdev.usda.gov.
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life in rural communities. The REAP Investment Fund, Inc. was awarded a $50,000 grant for a feasibility study for a manufacturing facility at Cando with a projected 72 new jobs to be created.
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More Info, Contact: |
Laura Every |
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438-2660 |
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levery@gondtc.com |
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