USDA grant to development partnership for business incubator

[September 01, 2010]  WASHINGTON -- USDA Rural Development announced on Tuesday that 45 states, the western Pacific region and the commonwealth of Puerto Rico will benefit from funding under the Rural Business Enterprise Grant program. In Logan County, Ill., the Lincoln & Logan Development Partnership has been selected to receive a $99,000 grant.

"The funding announced (Tuesday) represents the Obama administration's ongoing efforts to create economic and job opportunities in rural areas by ensuring that strategic investments are made in our small towns and cities," said Dallas Tonsager, under secretary for USDA Rural Development. "Rural businesses drive community revitalization by providing products and services to local residents as well as throughout the country and world. Projects like these spur important economic development and strengthen communities across the nation."

A total of 61 awards were announced.

The grant to the Lincoln & Logan Development Partnership will be used to purchase a building and develop a small business incubator facility. The organization expects the incubator to generate up to 50 full-time employees as businesses take advantage of the resources that will be available to them, including mentoring from the Logan County SCORE office.

The partnership is the economic development agency for Logan County. In May 2008, the agency adopted a five-year economic development strategy that included the creation of a business incubator. In 2009, Rural Development awarded the partnership a $50,000 grant to develop the plan.

The Rural Business Enterprise Grant program helps to finance and facilitate the development of new and existing businesses in rural America. Funds can be used for startup and working capital loans, building and plant renovations, transportation improvements, project planning, and other business needs.

Funding is contingent upon the recipient meeting the conditions of the grant agreement and is not provided through the American Recovery and Reinvestment Act. 

More information about the program is available at http://www.rurdev.usda.gov/BCP_rbeg.html.

USDA Rural Development provides financing and technical assistance to foster growth in housing and business development, as well as essential community and technology infrastructure. More information on the programs is available at www.rurdev.usda.gov/il. USDA is an equal opportunity provider, employer and lender.

[Text from file received from USDA Rural Development]