| Agriculture Secretary Tom Vilsack announced today that projects in 17 states and the Commonwealth of Puerto Rico will receive loan and grant assistance to create jobs and boost economic development in rural areas.
The Mid-Ohio Valley Regional Council (MOVRC) in West Virginia was selected to receive a $750,000 Intermediary Relending Program (IRP) loan to provide loans to public and non-profit organizations to re-lend for business and community development projects. MOVRC serves Calhoun, Jackson, Pleasants, Ritchie, Roane, Tyler, Wirt and Wood Counties in The Mountain State.
The announcement involves funding provided through three USDA economic development programs: the Intermediary Relending Program, the Rural Economic Development Loan and Grant Program, and the Rural Business Opportunity Grant Program.
Intermediary Relending Program funds are awarded to community-based development or regional planning groups that then re-lend the money at a low interest rate to local businesses.
The loans must be used to create or retain jobs by starting or expanding businesses. Since President Obama took office, this program has created or saved approximately 40,000 jobs.
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