Senators Chuck Grassley and Tom Harkin recently announced that the U.S. Department of Agriculture, office of rural development has awarded a grant of $50,000 to Rock Rapids through the Rural Business Enterprise Grant Program.
The funds will be used to establish a revolving loan fund to assist small and emerging businesses within the city limits of Rock Rapids. Funding from this project will create eight new jobs and retain 18 jobs.
“Small businesses are vital to the economy, especially in rural areas,” Grassley said. “These funds will help create and keep jobs in Rock Rapids.”
“In these tough economic times, rising energy costs coupled with a weak dollar can have a crippling effect on rural small businesses and Iowans trying to get a business off the ground,” Harkin said. “These rural development dollars are critical to maintain Iowa jobs until the economy rebounds. I congratulate the City of Rock Rapids on this competitive funding.”
The Rural Business Enterprise Grant Program provides grants to public agencies, private non-profit corporations for needed infrastructure, to fund technical assistance needs and to establish or fund revolving loan programs for small and emerging private enterprises that have less that $1 million in revenues and fewer than 50 employees.
The project must be located in an area of less than 50,000 in population.