 "President Obama
emphasized in his recent State of the Union address that we need to
continue to do more to create jobs to sustain the current economic
recovery," Tonsager said. "With the loans and grants we are making
available, USDA Rural Development will work closely with
cooperatives and utilities that in turn help local businesses access
capital and technical assistance.
"Our support leverages additional private investments and
demonstrates the positive impact that public-private partnerships
can have on rural communities and economies."
"Our partnership with cooperatives and utilities helps us extend
our capacity to help rural Illinois businesses," said Colleen
Callahan, state director for Rural Development in Illinois.
"Electric cooperatives, much like Rural Development, are committed
to community development in rural areas, and eight Illinois electric
cooperatives that serve 63 counties are currently using Rural
Development funds to support local business projects.
The funding is being provided under the Rural Economic
Development Loan and Grant program, known as REDLG. Through this
program, USDA provides zero-interest loans to local utility
cooperatives, which they, in turn, pass through to local businesses
at zero interest. The money must be used for projects that retain
and create jobs, upgrade public infrastructure, improve service
delivery, or improve the quality of life for area residents and
visitors. Grants can be used to create revolving loan programs for
local businesses. The maximum amount of funding for any one project
is $1,000,000 for loans and $300,000 for grants.
Many Illinois organizations have used REDLG funds to support job
creation directly and indirectly. Earlier this year the
Coles-Moultrie Electric Cooperative in Mattoon was selected to
receive a $740,000 loan and a $100,000 grant to provide financing
that will be used to renovate and modernize the Sarah Bush Lincoln
Health Center. The funding will allow the nonprofit hospital to
purchase essential equipment for the new emergency department and
modernize 129,000 square feet of existing space. In addition to
ensuring a new standard of care for rural residents in the region,
the project is expected to retain more than 1,600 jobs and create 17
new jobs.
Last year the Coles-Moultrie Electric Cooperative received
funding from the same program to help with the construction of CCI
Redi-Mix's new 4,800-square-foot plant near Mattoon. The plant will
create 20 jobs and provide ready-mix concrete for public
construction businesses and housing within 30 to 45 minutes of the
Mattoon plant.
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USDA plans to award up to $33 million in loans and $10 million in
grants under this notice and has an additional $46 million in loan
funding available from previous fiscal years, for a total of $79
million in loan funding. The deadline for submitting applications is
the last business day of each month during fiscal 2012.
Applications must be submitted to the Rural Development state
office where the project will be located. A list of these offices is
available on the USDA Rural Development website,
http://www.rurdev.usda.gov/
StateOfficeAddresses.html,
and on page 12792 of the March 2 Federal Register,
http://www.gpo.gov/
fdsys/pkg/FR-2012-03-02/pdf/2012-5043.pdf.
The website for Illinois Rural Development is at
http://www.rurdev.usda.gov/ILHome.html.
Rural Development has more than 40 programs that foster growth
and economic stability in rural areas by providing affordable
financing and technical assistance. Support is available for
regional food systems, broadband and biofuel infrastructure,
homeownership, business development, and community needs. More
information on USDA Rural Development programs is available online
at www.rurdev.usda.gov/il.
[Text from file received from
USDA Rural Development,
Illinois]
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