USDA Rural Development Awards Funding For Business Development

Posted on | January 25, 2010 | No Comments

Lincoln, NE., January 22, 2010 – The United States Department of Agriculture Rural Development announced the awarding of in American Recovery and Reinvestment Act (ARRA) dollars of $125,000 to the Greater Wahoo Development Foundation and $200,000 to the Nebraska Venture Capital Forum dba Invest Nebraska Corporation that will promote business development.

“The American Recovery and Reinvestment Act dollars will impact the rural economy of Nebraska through the creation and expansion of businesses.  More jobs created and saved is great news for Nebraska,” said Nebraska State Director Maxine Moul, USDA Rural Development. 

Greater Wahoo Development Foundation of Wahoo, Neb. will use the ARRA grant joined by $127,400 from other sources to establish a revolving loan fund that potentially will create or save 14 jobs.  Businesses wishing to locate or expand in a five mile area of Wahoo would be eligible for funding.  The purpose of the revolving loan fund is to give financial assistance to new and expanding businesses within the community and area.  Assistance would be in the form of low-interest loans to those businesses deemed important to the economic growth of the city.  In all cases, the criteria for any loans would be job creation or saved jobs as a result of the project.  Benefits of the grant funds include increased employment, improved community services and economic growth. 

Nebraska Venture Capital Forum dba Invest Nebraska Corporation of Lincoln, Neb. will utilize the ARRA grant leveraged with their own funds of $50,001 to establish a revolving loan fund to assist businesses in 35 counties of Nebraska that are established through the business plan competitions held by Invest Nebraska.  This project has the potential to create 20 jobs.  Through the creation of a revolving loan fund, Invest Nebraska is seeking to improve the quality of life in rural areas by helping new start-up projects that create job opportunities for rural residents; that import new dollars into the local community; that further the use of advanced telecommunications services and computer networks to export products outside the local community; and that improve the economic development potential of rural areas.

For further information, contact Deborah Drbal at (402) 437-5558 or Deborah.drbal@ne.usda.gov.  Visit http://www.rurdev.usda.gov/ne/.

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