As construction crews were busy putting the finishing touches on New Vision Co-op’s new grain elevator and feed mill in Magnolia, Minn., last month, USDA Rural Development State Director Colleen Landkamer and other area leaders visited the site to highlight the economic impact of the project.
“This investment by USDA means jobs and economic development opportunities,” Landkamer said.
The investment she is talking about is a $740,000 Rural Economic Development Loan made by USDA to Lismore Telephone Cooperative, which re-loaned the funds to New Vision to help pay for the $12.6 million project.
The facility will process about 120 tons an hour, employ 15 people and deliver swine, dairy and poultry feed to customers from as far as 100 miles away. Approximately 200 area farmers will supply the three million bushels of corn and 500,000 bushels of soybean.
“It’s a big deal,” said Frank McDowell, New Vision’s general manager. The elevator is expected to be open in November and the mill should be operating by June.
But that wasn’t the only project Landkamer highlighted. USDA Rural Development also selected Lismore Telephone Cooperative to receive a $300,000 Rural Economic Development Grant, which will be used to establish a revolving loan fund to help small businesses in Rock County with gap financing and job creation projects.
USDA oversees the management of revolving loan funds in every one of Minnesota’s 87 counties. You can learn more about Minnesota’s revolving loan funds and see what opportunities are in your county by accessing this database.
As construction crews worked away and heavy machinery roared behind him, McDowell thanked the USDA and Lismore Telephone for supporting the project.
“Because of their guidance and support, livestock producers will have access to the most efficient and versatile feed mill in the Midwest.”