"Small businesses are the backbone of Maine's economy," said Senators Snowe and Collins in a joint statement. "Encouraging the growth of small businesses is the best way to provide economic prosperity and stability throughout our state. This funding will help rural communities in Maine continue down the path of growth and development."
The funds will be awarded to the following entities:
Rural Business Enterprise Grant Program:
$498,800 for the Town of Van Buren
$99,999 for the Franco-American Heritage Center at St. Mary's
$58,295 for the Town of Frenchville $500,000 for the Penobscot Indian Nation
$300,000 for the Four Directions Development Corporation
Rural Business Opportunity Grant Program:
$50,000 for the Northern Maine Development Commission, Inc.
$49,875 or the Penobscot Indian Nation
Agriculture Secretary Mike Johanns announced the selection of 83 applicants in 29 states that will receive approximately $15.4 million in grants and loans for business development and job creation. This funding is expected to create or save over 3,000 rural jobs and 584 rural business ventures.
Three types of business grant and loan programs are being awarded through USDA Rural Development to finance or develop small and emerging businesses for the targeted areas and Tribal organizations. They are: Rural Business Enterprise Grants, which can be used for a variety of purposes, including technical assistance, machinery and equipment purchases, revolving loan fund creation and building construction; Rural Business Opportunity Grants, which can be used to pay costs of providing economic planning for rural communities, technical assistance for rural businesses, or training for rural entrepreneurs or economic development officials and; Rural Business Intermediary Relending Program, which provides loans to intermediaries who re-lend to individual recipients for establishing new businesses, expanding existing businesses, creating employment opportunities and saving of existing jobs or for community development projects. Of the approximately $15.4 million announced, USDA Rural Development will provide more than $10.4 million to high poverty rural communities and more than $5 million to Tribal organizations.
USDA Rural Development''s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development has invested over $50 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over 800,000 jobs have been created or saved through these investments.
###