The Rural Department under the USDA has requested funds for a variety of economic development projects which will help out a myriad of areas in the state of Illinois.
Secretary Dallas Tonsager made the announcement that the USDA will be filing applications for various grants and loans which will assist small businesses and increase the amount of economic development. Tonsager pinpointed to the speech of Barack Obama as he focused on spurring the amount of jobs in the United States. The Rural Department will also work with the utility companies and cooperatives as businesses are assisted with capital and other technical details. Private investment and the private partnership are going to assist a variety of communities and economies across the United States.
The State Director of the Rural Department states that the partnership between the state of Illinois and other cooperatives is going to boost the amount of jobs and businesses across the entire state. The Director also elaborates on how 8 electric companies are serving nearly 63 counties and utilizing funds to assist a wide range of businesses across the state of Illinois. Community Development is one of the main goals for the majority of the utility cooperatives.
The funds will ultimately be provided by the REDLG (Rural Economic Development Loan and Grant). The funds will be received by a variety of utility cooperatives for an interest rate of 0 percent which will in turn be given to a myriad of businesses with zero interest.
The money must also be used for specific purposes such as:
- Creating and retaining jobs in the state
- Upgrading the infrastructure of a building
- Service delivery improvement
- Improving the overall quality of life for all of the residents in a community
Overall, the USDA funds are going to assist the business sector in the state of Illinois and the residents of local communities.