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A USDA Business Loan Guarantee Helps a North Carolina Company Compete and Hire More Workers

From left to right, Jay Risinger, VantageSouth Bank; Michael Drozd, President and CEO, Wright Foods; Lillian Salerno, Acting Administrator, USDA Rural Development Business-Cooperative Service, USDA Rural Development; Brad Neigel, VantageSouth Bank; Heidi Whitesell, VantageSouth Bank; and David Thigpen, USDA Rural Development. A USDA loan guarantee helped Wright Foods in North Carolina expand, creating 80 jobs. (USDA photo)

From left to right, Jay Risinger, VantageSouth Bank; Michael Drozd, President and CEO, Wright Foods; Lillian Salerno, Acting Administrator, USDA Rural Development Business-Cooperative Service, USDA Rural Development; Brad Neigel, VantageSouth Bank; Heidi Whitesell, VantageSouth Bank; and David Thigpen, USDA Rural Development. A USDA loan guarantee helped Wright Foods in North Carolina expand, creating 80 jobs. (USDA photo)

During these difficult economic times we know that one of the best ways to help aid in the recovery process is to assist businesses that create jobs, and spur growth. In Troy, North Carolina, USDA Rural Development had the opportunity to highlight our successful efforts with a local company Aseptia/Wright Foods.

Lillian Salerno, Acting Administrator for USDA’s Rural Business and Cooperative programs, visited the local business.  Under USDA Rural Development, USDA guaranteed a $5.5 million loan last year for Aseptia to purchase a building, equipment and make building improvements for their first commercial-scale manufacturing facility.

The company was formed to enter the food manufacturing business as a provider of aseptic packaging.  As result of the high demand for their product, two additional equipment lines were added as part of the start-up of the facility.  Aseptia/Wright Foods has doubled initial hiring projections, employing nearly 80 workers.

“As a result of the investments made by USDA and our financing partners, good paying jobs are being created and saved and our rural economy is being strengthened,” said Salerno. “USDA is working with communities across North Carolina to create new opportunities.”

The company’s main products consist of fruit or snack type products that are packaged with a shelf life of up to one year.  With their technology, they are able to sterilize the food product without preservatives and in a manner than maintains more flavor and nutrients.  The company is also working as a co-packer for large well-established brands in the food industry.  Thus far, the operation has been extremely successful and they have aggressive plans for growth of the company.

To find out how USDA programs can assist your rural business, click here.

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