Guaranteed Loans Provided Through Recovery Act Funds Help Local Businesses and Supports the Nation's Renewable Energy Strategy
WASHINGTON, February 16, 2010 - Agriculture Secretary Tom Vilsack today announced $144 million in loan guarantees to assist 54 rural businesses through funding made available through the American Recovery and Reinvestment Act. The funding is authorized through USDA Rural Development's Business and Industry Guaranteed Loan Program. The program received $1.57 billion through the Act to help rural businesses stimulate economic development.
"A number of the Recovery Act projects announced today support the President's comprehensive energy strategy announced earlier this month," said Vilsack. "Advancing biomass and biofuel production holds the potential to create green jobs, which is one of the many ways the Obama Administration and USDA are working to rebuild and revitalize rural America."
For example, in Hilo, Hawaii, Big Island Biodiesel, LLC, has been selected to receive a $5,000,000 loan guarantee through First Hawaiian Bank in Kahului to construct a $10 million, 2.64 million gallon per year biodiesel production plant in Keaau. The feedstock for this biodiesel plant will primarily be used cooking oil, and potentially jatropha and algae. More than one million gallons of used cooking oil and grease-trap oil will be diverted from Maui, Oahu, and Hawaii County landfills to produce the biodiesel. Hawaii has established an Alternative Fuel Standard (AFS) with the goal of providing 10 percent of highway fuel demand from alternate fuels by 2010, 15 percent by 2015, and 20 percent by 2020.
In Athol Massachusetts, Organic Renaissance, LLC, has been selected to receive a $450,000 loan guarantee to facilitate the provision of fresh, locally grown farm products to restaurants, retailers and other buyers. The company intends to lease a building that is centrally located between Boston and farmers located in Mass., southern N.H., southern Vt., and northern Conn. The intent is to reduce shipping costs and enable cost-effective distribution of farm fresh produce by local rural businesses. The guaranteed loan will help to reduce costs and create opportunities for employment in a rural area as well as support the production of agricultural food products.
Eligible applicants for USDA Rural Development's Business and Industry Guaranteed Loan Program include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally recognized Indian tribes, public bodies and individuals. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.
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.
A list of borrowers receiving loan awards is below. Funding is contingent upon borrowers meeting conditions in the loan agreement.
Conversion Technologies, LLC: $3,730,000
SpeedSmart 112, Inc.: $6,399,393
Kenneth & Sharon Foster, Roger & Vicki Webb, Eel River Fuels, Inc.: $2,239,600
Blooming Acres: $1,500,000
Dreamland Limited: $1,500,000
Alexander Printing Company, Inc.: $583,000
JVH&J International, LLC: $2,123,000
Moultrie Healthcare Properties, LLC: $10,000,000
Southside Plaza Developers, Inc., Dixie Discount, Curbert, Inc., and Barry T. Buchholz: $1,675,000
Quick Service Foods, Inc.: $500,000
Big Island Biodiesel, LLC: $5,000,000
Northern IA Die Casting: $1,452,379
Schoon Construction, Inc., and Leroy & Judith Schoon: $3,325,000
Valley Air Photos LLC: $1,415,536
Bosski, Inc., Thunder Mountain Properties LLC, and John and Collette Boguslawski: $450,000
True Value Hardware: $735,000
Carri Scharf Materials: $5,000,000
Montgomery-Besaw Leasing, LLC: $2,584,000
New Century Fabricators, Inc.: $3,525,000
A&J Industries, Inc.: $1,300,000
Organic Renaissance, LLA: $450,000
Vista Grand Villa: $3,000,000
CRB Real Estate: $1,356,328
Kay's Processing: $700,000
Anderson Seed Co. Inc: $975,000
Good Time Rentals, LLC: $205,000
Missouri Forge Inc.: $5,928,000
Cycle Connection, Inc.: $817,000
Monadnock Economic Development Corporation: $6,377,920
A.C.E., LLC: $350,000
T & N Properties, LLC and Leading Technology Development, LLC: $518,000
Bestway NY/HDK/Builder's Best: $3,100,000
Bestway PA/Bestway South/ Bestway NE: $9,900,000
Orange Charter School: $700,000
Bendel Group LLC: $672,000
Minot Hospitality Partners, LLC: $5,000,000
Medora Environmental, Inc.: $3,000,000
RediFlame Inc.: $850,000
Gallium Compounds, LLC: $2,650,000
Oregon, Select Onion Company, LLC; et al.: $4,500,000
Oregon, RAM Trucking, Inc.; et al.: $450,000
Fiesta Foods of Oregon, Inc.: $6,900,000
Thatchers Hardware, Inc. and SDDZ, LLC: $712,683
Adonai Holdings, Inc.: $2,700,000
Ashlan Properties, LLC (Arby's Restaurant): $1,278,812
Industrial Management Services, Inc.: $2,600,000
Tennessee Materials Corporation, Inc.: $5,530,500
SomerOak Senior Living, LLC: $3,300,000
Van Ayers Long Term Facility: $3,718,900
Frazier & Frazier Industries, Inc.: $7,242,400
James River Car Wash, LLC: $285,000
Montgomery Restaurant Corp. and El Laurel, LLC: $1,360,000
Peninsula Plywood Group, LLC: $ 1,899,270
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rurdev.usda.gov.