Agriculture Secretary Mike Johanns today announced that $6.9 million will be invested in 13 organizations in 10
states for business development and job creation.

Loans are made available through the USDA Rural Development Intermediary Relending Program. The aim of business revolving loan funds is to finance business facilities and community development projects in rural areas. This is achieved through loans made to intermediaries who in turn re-lend funds locally to support businesses or community development. Loans from intermediaries to the recipients must be used to establish new businesses, expand existing businesses, create employment opportunities, save jobs or complete community development projects.

In 2004, $39.7 million in 63 revolving loan funds supported 223 businesses and created or saved over 30,000 jobs. Since 2001, over $149 million has been invested to support local revolving loan funds.

Source: USDA