WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) today applauded the U.S. Department of Agriculture’s (USDA) decision to provide loan guarantees to rural businesses to provide economic opportunities and create jobs. The funding is available through the American Recovery and Reinvestment Act. Agriculture Secretary Tom Vilsack was in Harrisburg at the Pennsylvania State Capitol to announce the funding today.
“It is good to see Recovery Act funds being used to provide loan guarantees to rural businesses,” said Senator Casey. “By increasing access to capital, we can help provide economic opportunities and create jobs in areas that have been hit hard by the recession.”
“Today’s announcement is great news for rural communities across America, providing important investments to businesses that will create jobs and stimulate local economies,” Vilsack said. “Supporting residents in rural communities is one of the many ways the Obama Administration and USDA are working to rebuild and revitalize rural America.”
The funding announced today is being provided by USDA Rural Development’s Business and Industry Guaranteed Loan Program. Through the Recovery Act, USDA Rural Development received $1.57 billion for Business and Industry guaranteed loans to help rural businesses stimulate their economies and support local communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies and individuals. Funds must be used to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.
Gulf Trading & Transport, LLC in Braddock, Allegheny County was announced today as a borrower receiving a guaranteed loan of $5,400,000 through Metro Bank.
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