The United States Department of Agriculture has announced $39.3 million in loans and grants for 68 projects that will help small, rural businesses and communities in 26 states.
“More than half of Americans either own or work for a small business, and these businesses create two out of every three new jobs in the U.S. each year,” Agriculture Secretary Tom Vilsack said. “Supporting small businesses and rural communities is vital to our economic health. This funding enables communities to provide important support services and access to capital for rural, small businesses.”
In Illinois, the Shelby Electric Cooperative received a $1 Million loan. The loan will allow the expansion of IHI Turbo America, an automotive and marine parts company, to add manufacturing lines to their facility. This project is expected to create 21 jobs.
The loans and grants are being provided through USDA’s Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP) and the Rural Microentrepreneur Assistance Program (RMAP) program.