Recovery Act funds community development in S.D.

Recovery Act funds community development in S.D. Agriculture  Secretary Tom Vilsack today announced the selection of 145 recipients for more than $15.3 million in grants to start or expand businesses in rural communities. Through Recovery Act funding, businesses will be able to access to critical capital that will help with start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs. "These Recovery Act grants represent the Obama administration's ongoing efforts to ensure strategic investments and increase economic opportunities in rural America," said Vilsack. "Small businesses play an important role in building strong communities while providing vital products and services to local residents. This funding will help spur important economic development and strengthen communities in dozens of states around the country."  In addition to the $15.3 million that USDA Rural Development is providing for the 145 projects announced today, recipients have raised $16 million from other sources.  For example in South Dakota:  • National Enterprise Development Center located in Rapid City has been selected to receive $91,660 to provide technical assistance to small and emerging businesses located in Shannon, Bennett, and Todd Counties. Types of businesses include clothing manufacturing, photographing studio, hair/nail salon, motel, Native American arts/crafts, and computer technology shop.  Technical assistance offered includes customer service training, business planning, marketing and advertising and market research.  The project is expected to create 49 jobs. • Whetstone Valley Business Opportunities located in Corona has been selected to receive $18,288 to provide technical assistance to small and emerging businesses in Day, Grant, and Roberts Counties.  They will assist businesses by preparing market and business plans, training, asset mapping of resources, net-working, market research, and private consultation to start, continue, or expand businesses.  The project is expected to create 32 jobs. • Clark Area Chamber of Commerce located in Clark has been selected to receive $99,000 to establish a revolving loan fund for the City of Clark.  Establishing a revolving loan fund will provide a means and opportunity to assist small and emerging businesses in Clark County.  The project is expected to create 10 new jobs in the next 12 months which will have a substantial economic impact on this small town. • Gate City Development Association, Inc. located in Gary has been selected to receive $99,900 to replenish a revolving loan fund for the City of Gary located in Deuel County.  Expanding the revolving loan fund will provide a means and opportunity to assist two small and emerging businesses with low-interest loans.  These two small businesses are expected to create nine new jobs in the next 12 months which will have a substantial economic impact on this small town. • Tulare Economic Development located in Spink County has been selected to receive $22,735 to expand the building owned by Tulare Economic Development and leased to a local daycare provider.  The building expansion will allow the business to increase the number of children care for  By assisting the daycare business to serve more children, more parents can enter the work force, therefore multiplying the benefits to small and emerging businesses in this small, rural community. • City of Arlington located in Kingsbury County has been selected to receive $94,000 to establish a revolving loan fund to finance small and emerging businesses in the City of Arlington.  The project is expected to create 10 new jobs which will help to alleviate some of the economic distress felt by the recent job losses in this small, rural community.  The funding announced today is being is being provided through USDA Rural Development's Rural Business Enterprise Program (RBEG), which helps finance new and existing businesses as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs. Additional information on the RBEG program may be found at http://www.rurdev.usda.gov/rbs/busp/rbeg.htm Funding of individual recipients is contingent upon their meeting the terms of the grant agreement. More information about USDA Rural Development can be found at www.rurdev.usda.gov.  President Obama signed The American Recovery and Reinvestment Act of 2009 into law on Feb. 17, 2009. It is designed to jumpstart the nation's economy, create or save millions of jobs and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need. More information about USDA's Recovery Act efforts is available at www.usda.gov/recovery.  More information about the Federal government's efforts on the Recovery Act is available at www.recovery.gov.

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