Agriculture Sec. Vilsack announces $290 mil. in Recovery Act loans to spur rural job growth
By Agri-Pulse Staff
© Copyright Agri-Pulse Communications, Inc.
“Today’s announcement is great news for rural communities across
The $299 million for the 90 guaranteed loans announced today is being provided by USDA Rural Development’s Business and Industry Guaranteed Loan Program. Including today’s announcement, the loan guarantees that USDA has provided to more than 350 businesses in the last seven months will help create or save an estimated 23,500 jobs.
In Ida Grove, Iowa, Quad County Corn Processors Cooperative has been selected to receive a $1.5 million guaranteed loan to purchase and install equipment for a 30-million-gallon-per-year ethanol plant. The guaranteed loan will increase the cooperative’s income from the sale of corn oil.
In rural Massachusetts, Community Health Programs, Inc. has been selected to
receive a $3.6 million guaranteed loan to construct a new health facility. The
project, which will leverage an additional $322,000 from other sources, will
allow Community Health Programs to offer increased access to its services
Through the Recovery Act, USDA Rural Development received $1.57 billion for Business and Industry guaranteed loans to help rural businesses stimulate their economies and support local communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, federally-recognized Indian tribes, public bodies and individuals. Funds must be used to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.
A list of borrowers receiving guaranteed loans is shown below. Funding is contingent upon borrowers meeting conditions in the loan agreement.
· Hokes Bluff Construction, Inc.; Keystone Bank: $700,000 loan.
· Wadley Holdings, LLC; Union Bank: $6,480,000 loan.
· Drennon Construction and Consulting, Inc.; Mt. McKinley Mutual Savings Bank: $600,000 loan.
· FV Redemption; Alaska Pacific Bank: $1,100,000 loan.
· National Vitamin Company; Comerica Bank: $4,400,000 loan.
· RMC Engineering, Co. Inc. et al.; California Coastal RDC: $1,300,000 loan.
· Van Ryn Brothers et al.; Community
· Golden By-Products, Inc. & Ag-Link, Inc.; Premier Valley Bank: $1,550,000 loan.
· Golden By-Products, Inc. & Ag-Link, Inc.; Premier Valley Bank: $650,000 loan.
· Donald W. Johnson; Pan Pacific Bank: $6,100,000 loan.
· Fernando Gonzalez; Borrego Springs Bank: $2,102,000 loan.
· Kaushik S. and Pratibha K. Patel; Valley Community Bank: $4,190,000 loan.
· Anvaya Enterprises, LLC; Global Trust Bank: $3,096,621 loan.
· Tonymagi Investments, LLC, and C. Anthony Okeke; Charter Bank: $3,374,000 loan.
· Valdosta Mall Corners, GP; Guardian Bank: $6,000,000 loan.
· Emerald Forest Products, Inc.; Western Capital Bank: $2,000,000 loan.
· Pam & Jim Lippi; Americanwest Bank: $542,793 loan.
· TNA, LLC; Northwest Farm Credit Services: $500,000 loan.
· Inland Northwest Bank: $3,000,000 loan.
· AG Manufacturing Rochelle; Chemical Bank: $1,470,000 loan.
· Pennell Forklift Service; First National Bank of Arenzville: $2,350,000 loan.
· GMT Corporation; Cedar Rapids Bank & Trust Co.: $9,000,000 loan.
· Premier Tooling, Inc.; Dubuque Bank and Trust: $5,625,000 loan.
· Mojo’s Pizza, Pasta and More, LLC; First Neodesha Bank: $100,000 loan.
· Emerald Springs, LLC; Peoples Bank and Trust Company: $2,200,000 loan.
· Whitworth Tool, Inc.; First State Bank: $5,500,000 loan.
· Mid-State Recycling Co.; South Central Bank: $5,505,000 loan.
· McKechnie Vehicle Components, US, Inc.; Citizens Commercial National Bank: $5,000,000 loan.
· Lincoln Manufacturing USA, LLC; Kentucky Highlands Investment Corporation: $9,850,000 loan.
· B&H Toolworks; Kentucky Highlands Investment Corporation: $2,300,000 loan.
· Tammany Dirt Company, LLC; Central Progressive Bank: $5,000,000 loan.
· Great Southern Galvanizing, Inc.; Iberia Bank: $10,000,000 loan.
· Community Health Programs, Inc.; Salisbury Bank and Trust Company: $3,600,000 loan.
· Aztec Manufacturing; Level One Bancorp, Inc.: $3,900,000 loan.
· GAPA Properties; First Federal of Northern Michigan: $226,000 loan.
· The DataCom Group; MSUFCU: $732,863 loan.
· Handsome Henry’s; Shelby State Bank: $857,500 loan.
· Chelsea Lumber; United Bank & Trust Washtenaw: $3,100,000 loan.
· Orbitform, LLC; Comerica Bank: $2,590,000 loan.
· Home Federal Savings Bank: $10,000,000 loan.
· Singleteary Food Solutions, LLC; Pioneer Bank: $6,390,133 loan.
· Shuqualak Lumber Co. Inc.; Bankfirst Financial Services: $1,500,000 loan.
· MoAn of Ava, LLC; Ridgestone Bank: $2,400,000 loan.
· MoAn of Clinton, LLC; Ridgestone Bank: $600,000 loan.
· MoAn of Joplin, LLC; Ridgestone Bank: $4,700,000 loan.
· MoAn of Lamar, LLC; Ridgestone Bank: $3,000,000 loan.
· MoAn of Thayer, LLC; Ridgestone Bank: $3,700,000 loan.
· Gilbert Industries Inc.; Old Missouri Bank: $575,000 loan.
· Hayes, Brenda; Central Bank of
· Raymond’s Boat and Motor Sales; Great Southern Bank: $750,000 loan.
· Nelcon, Inc.; Valley Bank of Kalispell: $1,775,750 loan.
· Bennett Motors, Inc. and Block 360, LP; First Interstate Bank: $1,200,000 loan
· Lakeview Village ALF, LLC; First International Bank: $7,125,000 loan.
· Hadibaig Management, LLC; Home Loan Investment Bank FSB: $352,000 loan.
· Piepenkotter Living Trust; Excel National Bank: $1,135,300 loan.
· MidAtlantic Warehouse IV; Southern Bank and Trust Company: $2,200,000 loan.
· Carolina Insulation; Cornerstone Bank: $1,050,000 loan.
· Hornwood, Inc.; Anson Bank & Trust Co.: $5,000,000 loan.
· Stanly Fixtures Acquisition, LLC; Bank of Stanly: $1,008,000 loan.
· East Coast Entertainment of Forest City, LLC; Lender Surry Bank & Trust: $2,974,000 loan.
· Grandview Manor; Home Trust Bank: $1,203,000 loan.
· Cherokee Enterprises; Minnesota Bank & Trust: $1,082,000 loan.
· Red Springs Auto Sales; Southern Bank: $765,000 loan.
· Company Shops Market; Fidelity Bank: $1,100,000 loan.
· Seneca Medical, Inc.; Fifth Third Bank: $4,800,000 loan.
· NexTech Materials, LTD; Commerce National Bank: $214,300 loan.
· Pride of the Hills Manufacturing; The Commercial & Savings Bank: $1,940,000 loan.
· Schilling Graphics, Inc.; Firstmerit Bank: $500,000 loan.
· Danlin Industries Corporation; Bank of Western Oklahoma: $2,000,000 loan.
· Georges Colliers, Inc.; First Bank and Trust Co.: $3,600,000 loan.
· L&H Grading, Inc.; Citizens Bank: $4,230,170 loan.
· Gulf Trading & Transport, LLC; Metro Bank: $5,400,000 loan.
· Bloom Produce, Inc.; Economic Development Bank for Pr: $2,159,134 loan.
· Rafael Santiago dba La Marina 2; Coop Ahorro y Credito de Aguada: $987,000 loan.
· Benore Leasing, LLC; Appalachian Development Corporation: $2,700,000 loan.
· Harold Grain Company, LLC; Bankwest Inc.: $7,500,000 loan.
· Carrick Glen Senior Living, LLC; TN Commerce Bank: $4,850,000 loan.
· Fountains of Franklin, LLC; TN Commerce Bank: $9,950,000 loan.
· MCA AFS Central Texas, Ltd.;
Valliance Bank of
· Diamond K Gypsum, Inc.; US Bank: $2,920,000 loan.
· Porterfield, Inc., dba R&C Towing & Repair; First Bank & Trust Company: $260,000 loan.
· The Courtyard at
· Steve and Gail Wessels dba Mac’s Cycle; Banner Bank: $1,550,000 loan.
· Skana Aluminum Company; Community Bank and Trust: $10,000,000 loan.
· Advertisers Press, Inc.; Wisconsin Community Bank: $8,000,000 loan.
· Weather Shield Manufacturing and related co-borrowers; Ridgestone Bank: $10,000,000 loan.
· CAP Services, Inc.; United Farm Credit Services: $5,915,659 loan.
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