Guaranteed Loans Provided Through Recovery Act Funds Help Local Businesses and Supports the Nation’s Renewable Energy Strategy
WASHINGTON, February 16, 2010 – Agriculture Secretary Tom Vilsack today announced $144 million in loan guarantees to assist 54 rural businesses through funding made available through the American Recovery and Reinvestment Act. The funding is authorized through USDA Rural Development’s Business and Industry Guaranteed Loan Program. The program received $1.57 billion through the Act to help rural businesses stimulate economic development.
"A number of the Recovery Act projects announced today support the President’s comprehensive energy strategy announced earlier this month," said Vilsack. "Advancing biomass and biofuel production holds the potential to create green jobs, which is one of the many ways the Obama Administration and USDA are working to rebuild and revitalize rural America."
For example, in Hilo, Hawaii, Big Island Biodiesel, LLC, has been selected to receive a $5,000,000 loan guarantee through First Hawaiian Bank in Kahului to construct a $10 million, 2.64 million gallon per year biodiesel production plant in Keaau. The feedstock for this biodiesel plant will primarily be used cooking oil, and potentially jatropha and algae. More than one million gallons of used cooking oil and grease-trap oil will be diverted from Maui, Oahu, and Hawaii County landfills to produce the biodiesel. Hawaii has established an Alternative Fuel Standard (AFS) with the goal of providing 10 percent of highway fuel demand from alternate fuels by 2010, 15 percent by 2015, and 20 percent by 2020.
In Athol Massachusetts, Organic Renaissance, LLC, has been selected to receive a $450,000 loan guarantee to facilitate the provision of fresh, locally grown farm products to restaurants, retailers and other buyers. The company intends to lease a building that is centrally located between Boston and farmers located in Mass., southern N.H., southern Vt., and northern Conn. The intent is to reduce shipping costs and enable cost-effective distribution of farm fresh produce by local rural businesses. The guaranteed loan will help to reduce costs and create opportunities for employment in a rural area as well as support the production of agricultural food products.
Eligible applicants for USDA Rural Development’s Business and Industry Guaranteed Loan Program include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally recognized Indian tribes, public bodies and individuals. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.
More information about USDA’s Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal Government’s efforts on the Recovery Act is available at www.recovery.gov.
A list of borrowers receiving loan awards is below. Funding is contingent upon borrowers meeting conditions in the loan agreement.
- Conversion Technologies, LLC: $3,730,000
- SpeedSmart 112, Inc.: $6,399,393
- Kenneth & Sharon Foster, Roger & Vicki Webb, Eel River Fuels, Inc.: $2,239,600
- Blooming Acres: $1,500,000
- Dreamland Limited: $1,500,000
- Alexander Printing Company, Inc.: $583,000
- JVH&J International, LLC: $2,123,000
- Moultrie Healthcare Properties, LLC: $10,000,000
- Southside Plaza Developers, Inc., Dixie Discount, Curbert, Inc., and Barry T. Buchholz: $1,675,000
- Quick Service Foods, Inc.: $500,000
- Big Island Biodiesel, LLC: $5,000,000
- Northern IA Die Casting: $1,452,379
- Schoon Construction, Inc., and Leroy & Judith Schoon: $3,325,000
- Valley Air Photos LLC: $1,415,536
- Bosski, Inc., Thunder Mountain Properties LLC, and John and Collette Boguslawski: $450,000
- True Value Hardware: $735,000
- Carri Scharf Materials: $5,000,000
- Montgomery-Besaw Leasing, LLC: $2,584,000
- New Century Fabricators, Inc.: $3,525,000
- A&J Industries, Inc.: $1,300,000
- Organic Renaissance, LLA: $450,000
- Vista Grand Villa: $3,000,000
- CRB Real Estate: $1,356,328
- PMU-LADD: $360,000
- Kay’s Processing: $700,000
- Anderson Seed Co. Inc: $975,000
- Good Time Rentals, LLC: $205,000
- Missouri Forge Inc.: $5,928,000
- Cycle Connection, Inc.: $817,000
- Monadnock Economic Development Corporation: $6,377,920
- A.C.E., LLC: $350,000
- T & N Properties, LLC and Leading Technology Development, LLC: $518,000
- Bestway NY/HDK/Builder’s Best: $3,100,000
- Bestway PA/Bestway South/ Bestway NE: $9,900,000
- Orange Charter School: $700,000
- Bendel Group LLC: $672,000
- Minot Hospitality Partners, LLC: $5,000,000
- Medora Environmental, Inc.: $3,000,000
- RediFlame Inc.: $850,000
- Gallium Compounds, LLC: $2,650,000
- Oregon, Select Onion Company, LLC; et al.: $4,500,000
- Oregon, RAM Trucking, Inc.; et al.: $450,000
- Fiesta Foods of Oregon, Inc.: $6,900,000
- Thatchers Hardware, Inc. and SDDZ, LLC: $712,683
- Adonai Holdings, Inc.: $2,700,000
- Ashlan Properties, LLC (Arby’s Restaurant): $1,278,812
- Industrial Management Services, Inc.: $2,600,000
- Tennessee Materials Corporation, Inc.: $5,530,500
- SomerOak Senior Living, LLC: $3,300,000
- Van Ayers Long Term Facility: $3,718,900
- Frazier & Frazier Industries, Inc.: $7,242,400
- James River Car Wash, LLC: $285,000
- Montgomery Restaurant Corp. and El Laurel, LLC: $1,360,000
- Peninsula Plywood Group, LLC: $ 1,899,270
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov.