Two northeast Indiana businesses have received federal rural economic development loans totaling nearly $1.4 million. The money will support expansion and around 90 new jobs in Whitley County. April 1, 2015
INDIANAPOLIS, Ind. – The United States Department of Agriculture Rural Development is improving the lives of the residents of Whitley County by presenting two Rural Economic Development Loans (REDLG) to the Columbia City Municipal Electric Utility. The funds will promote rural economic development in the area.
The funding is being provided through USDA's Rural Economic Development Loan and Grant (REDLG) program.
An $858,458 loan will be used to provide loans to rural utilities program borrowers to provide economic development. The funds will be loaned for business expansion to C&R Plating, a local business that has been in operation since 1968, meeting the needs of automotive, aviation, medical, electronic and general manufacturing industries. The expansion will include the construction of a 60 x 110 pre-engineered Nucor building. They will install an additional plating line in the building as well as a braising furnace. The expansion will create 29 new jobs.
Also, a $500,000 loan will be used to assist Columbia City Municipal Electric Utility to make a loan to the Impact Holdings Company to assist in acquiring a 35,421 sq. ft., industrial building usable to the manufacturing industry. Impact Holdings will execute a long-term lease agreement with Impact CNC, a Whitley County based, and specialty- machining company. This company is expected to add 60 jobs in acquired facility over the next three years.
“These loans are in keeping with the mission of USDA Rural Development which is to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure,” said USDA Rural Development State Director Philp Lehmkuhler. “USDA Rural Development is committed to improving the quality of life in rural Indiana. When rural Indiana makes progress, all of Indiana benefits.”
Through the REDLG program, USDA provides zero-interest loans and grants to utilities that lend funds to local businesses for projects to create and retain employment in rural areas. These revolving loan funds broaden the program's reach and create a multiplier effect for its impact. Eligible applicants are USDA Rural Utilities Service borrowers.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Visit www.rd.usda.gov/ for more information.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).
Source: The U.S. Department of Agriculture