The O’Brien County Economic Development Corporation is receiving a $500,000 USDA loan to promote job creation in northwest Iowa. The funding comes from the USDA Rural Development’s Intermediary Relending Program which provides one percent interest loans to local organizations that re-lend to businesses and for community-development projects in rural communities. Area Director of USDA Rural Development Randy Hildreth highlights who the loans are meant for.
The USDA funding will supplement O’Brien County Economic Development Corporation’s active revolving loan fund, which has made nearly 20 loans to local small businesses in the past 12 years. Hildreth says the loan program has been very successful.
USDA Rural Development funding has assisted more than 150 active revolving loan funds throughout the state. These revolving loan funds are managed by intermediaries such as rural electric cooperatives and local and regional development organizations. Hildreth says the loan application process is simple.
That can be done by calling Kiana Johnson at (712) 957-1313, or by contacting any of the USDA Rural Development staff throughout Iowa.
