Low interest development loans to be available through Dubois Strong | Business
United States Department of Agriculture Rural Development has approved $250,000 funding from its Intermediary Relending Program to Dubois Strong. The funds will be used to provide low-interest loans to public and non-profit organizations to relend for business and community development.
Indiana Rural Development State Director Philip Lehmkuhler stated, "As one part of USDA's efforts to strengthen the rural economy, this program is a part of the Obama Administration's ongoing effort to leverage private investments with public funds to create jobs and expand economic opportunity for rural entrepreneurs. Intermediaries serve as a critical component to boosting local economies."
Dubois Strong is Dubois County, Indiana's economic development source for innovative entrepreneurs and thriving businesses. Dubois County is home to two publicly traded corporations and numerous other home-grown businesses that were born out of local entrepreneurship.
The Intermediary Relending Program is USDA Rural Development's primary program for capitalizing revolving loan funds. USDA lends money to economic development intermediaries (nonprofits and public bodies) who in turn re-lend the funds as commercial loans to rural businesses (ultimate recipients) that might not otherwise be able to obtain such financing. The repayment of the ultimate recipients' loans allows the intermediary to continue to make more loans to new recipients, supporting sustainable economic development. Since President Obama took office, the program has created or saved an estimated 20,000 jobs.
Funds are used to assist with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities. Intermediaries are encouraged to work with state and regional representatives and in partnership with other public and private organizations that can provide complimentary resources.