Mason City and Havana receive federal funds for economic development

[June 25, 2008]  WASHINGTON -- Congressman Ray LaHood, R-Peoria, announced Tuesday that two Mason County communities will each be receiving $99,000 to assist in the development of revolving loan funds.

Havana and Mason City are recipients of the U.S. Department of Agriculture funding, which is used by communities to make low-interest loans to both new and existing small businesses. Havana's revolving loan fund will be recapitalized with $99,000. The current Havana loan fund has been used on nine downtown revitalization projects. Mason City will use its $99,000 to establish a revolving loan fund for the first time.

"Revolving loan funds are a tremendous tool for our rural and small communities as they attempt to attract economic development to their area," the congressman said. "These funds have been an especially great resource for communities who aim to revitalize their aging downtown areas with new business opportunities. It is rare that two communities in the same county are (recipients of) funding during the same fiscal (year), so I applaud the Department of Agriculture for recognizing the need for these funds in Mason County. I also congratulate Mayor Dale Roberts of Havana and Mayor Dave Knieriem for having the foresight to work towards establishing these funds."

[Text from news release from Rep. Ray LaHood, 18th Congressional District]