USDA awards stimulus-backed loan guarantees

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Published: July 19,2010

Tags: agriculture, ARRA, recession, stimulua

NOXUBEE COUNTY — Agriculture Secretary Tom Vilsack announced Recovery Act investments for 11 businesses in nine states to strengthen rural economies by supporting local and regional food systems.

The loan guarantees are from USDA Rural Development’s Business and Industry (B&I) Guaranteed Loan Program, which received $1.57 billion in American Recovery and Reinvestment Act funding to help rural businesses stimulate their economies and support local communities. Under the B&I program, eligible applicants 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.

In Mississippi, Noxubee County Producers Inc./BankFirst Financial received a $1.251-million loan.

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