News Releases for June 2003
June 30, 2003
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Hoeven Announces $500,000 USDA Grant For Rural Development
BISMARCK, N.D. - Governor John Hoeven today announced the awarding of a $500,000 U.S. Department of Agriculture (USDA) grant to the Lake Agassiz Regional Development Corporation of Fargo to foster business and community development in rural North Dakota.
The funds will be used to provide a revolving source of debt financing to rural businesses. At least thirty percent of the funds will be allocated to the Griggs and Steele Empowerment Zone trade area.
“We welcome this infusion of funding to rural North Dakota to promote business opportunities and job creation for our citizens,” Hoeven said. “We need new and dynamic tools to invest in our people and help our rural communities to grow.”
The assistance is being provided through Rural Development’s Intermediary Re-lending Loan Program, which provides revolving loan funds and technical assistance to communities of fewer than 25,000 people. The agency lends funds to intermediaries who then provide loans to individuals developing business facilities or community development projects. Eligible intermediaries include public bodies, nonprofit corporations, Indian tribes and cooperatives.
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