USDA Awards Loans (None in NY) to Create Jobs, Spur Economic Development

Five awards were awarded Friday Jan. 23 to expand access to credit for rural businesses, particularly small businesses in poor and underserved areas.

USDA Rural Development is providing a total of $2.55 million in loans to five nonprofit 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.

Those receiving money are:

Mississippi's North Central Planning and Development District, $600,000, help reduce poverty and address economic development and infrastructure issues on a multi-jurisdictional basis.
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