USDA awards stimulus-backed loan guarantees

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Published: August 9,2010

Tags: economy, jobs, loans, stimulus

AROUND MISSISSIPPI — Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture (USDA) is providing loan guarantees to 128 businesses in 35 states, the territory of American Samoa, and the Commonwealth of Puerto Rico to provide economic opportunities and create jobs. The funding is made available through the American Recovery and Reinvestment Act of 2009 (Recovery Act).

USDA Rural Development’s Business and Industry Guaranteed Loan Program received $1.57 billion to help rural businesses stimulate their economies and support their communities. 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.

Mississippi entities receiving guarantees are:

• Pizza Hattiesburg, LLC; Priority One Bank: $5,000,000 loan

• RBR Enterprise, LLC; Brighton Bank: $2,500,000 loan

• Shag of Mississippi Inc.; Magnolia State Bank: $725,000 loan

• Shag of Mississippi Inc.; Magnolia State Bank: $750,000 loan

• Shag of Mississippi Inc.; Magnolia State Bank: $705,000 loan

• Southern Components Inc.; Ridgestone Bank: $5,200,000 loan

• Ways Inc; The Union Bank: $7,450,000 loan

• Rives & Reynolds Lumber Co. Inc; Trustmark National Bank: $5,000,000 loan

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