Rock Valley Economic Development has received a $99,000 grant from the USDA Rural Business Enterprise Grant (RBEG) program. These funds will be used as partial funding of Rock Valley’s revolving loan fund. RVEDC will add an additional $101,000 to establish the fund at $200,000. The local loan fund will be used to assist local Business & Industry in expansion or start up financing. The ultimate goal for this RVEDC is to increase the fund to $500,000 within the next 3 years.
This grant is part of $13.7 million in economic development grants for rural communities and Native American organizations in 48 states. These monies are to be used to save or create employment opportunities in underprivileged populations. The RBEG program provides funding to schools, businesses and local organizations to help them conduct economic development activities, finance business expansions and make infrastructure improvements.
"These grant funds will help rural communities save or create approximately 3,000 jobs and spur economic development," Agriculture Secretary Mike Johanns said. "The grants represent this Administration's ongoing efforts to ensure strategic investments and increase economic opportunities in rural America."
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development has invested more than $76.8 billion since 2001 for equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. More than 1.5 million jobs have been created or saved through these investments.
