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Posts tagged: Business and Industry Guaranteed Loan Program

Local Food Investments Expand Market Opportunities Coast to Coast

 

With support from a USDA Business and Industry Guaranteed Loan, the Cellars at Jasper Hill in rural Greensboro, Vermont was able to expand its facility, grow its business and reach new markets.

With support from a USDA Business and Industry Guaranteed Loan, the Cellars at Jasper Hill in rural Greensboro, Vermont was able to expand its facility, grow its business and reach new markets.

Last month, Secretary Vilsack announced a historic level of funding available for local and regional food: $78 million, including $48 million through USDA’s Business and Industry Loan Guarantee Program and $30 million through the newly-expanded Farmers Market and Local Food Promotion Program. The 2014 Farm Bill gave USDA these and other tools and resources, expanding our ability to connect rural and urban communities, increase access to healthy foods, and support rural economies through local food systems.

What does this mean for rural economies? Consider Cellars of Jasper Hill in Greensboro, Vermont. The Kehler brothers took their passion for dairy and founded a cheese making operation 10 years ago. Partnering with Vermont’s Community National Bank, USDA’s Business and Industry Loan Guarantee Program helped the company construct a 22,000-square-foot facility and expand its on-farm value-added cheese production. The project helped save 20 existing jobs and created 14 new ones in a town with fewer than 1,000 residents. Read more »

Job Creation on Tap in Rural Oregon

Today, Deschutes Brewery operates a large-scale production facility pictured here in Bend, Oregon, along with brew pubs in Bend and Portland. (Photo used with permission)

Today, Deschutes Brewery operates a large-scale production facility pictured here in Bend, Oregon, along with brew pubs in Bend and Portland. (Photo used with permission)

When it comes to beer, Oregon is known far and wide as a hub of innovation and artistry or, as we locals call it, “beer-topia.” Since the 1980s, small breweries have been popping up across Oregon thanks to the state’s pristine water, abundant hops and grain fields, forward-thinking craft brewing policies, and talented foodies. In the process, Oregon’s brewers have tapped a powerful economic engine. According to the Oregon Brewers Guild, the state’s beer industry today generates $2.83 billion in economic activity in the state and employs 29,000.  And the future shows even more promise. The Brewers Association notes nationwide growth of the craft brewing industry in 2012 at 15 percent by volume and 17 percent by dollars.

Deschutes Brewery, Inc. is one of the pioneering businesses that helped establish the state’s craft brewing industry.  Gary Fish founded the company in 1988 with 12 employees and a brew pub in downtown Bend, Oregon.  By 1993, the increasing demand for their craft beers led Fish to build a separate brewery across town. With the added capacity, the company enjoyed increasing sales in a burgeoning market for artisanal products. Read more »

A USDA Loan Guarantee Supports Chesapeake Bay Restoration and Supports Maryland’s Oyster Industry

Holding a handful of oyster spat: It takes about two years in Maryland to grow an oyster. Standing next to Acting Under Secretary Doug O’Brien (foreground)  is Terrance Taylor, representative for Congressman Steny Hoyer; Letitia Nichols, Business & Cooperative Program Director and Michael Dee, President, The Patapsco Bank. USDA has guaranteed a bank loan that will help the oyster operation grow and also protect Chesapeake Bay. USDA photo.

Holding a handful of oyster spat: It takes about two years in Maryland to grow an oyster. Standing next to Acting Under Secretary Doug O’Brien (foreground) is Terrance Taylor, representative for Congressman Steny Hoyer; Letitia Nichols, Business & Cooperative Program Director and Michael Dee, President, The Patapsco Bank. USDA has guaranteed a bank loan that will help the oyster operation grow and also protect Chesapeake Bay. USDA photo.

Earlier this week it was my honor to join USDA Rural Development Acting Under Secretary Doug O’Brien and Patapsco Bank President/CEO Michael Dee to announce funding support for one of Maryland’s favorite delicacies – the Chesapeake Bay Oyster.

“In today’s environment, economic recovery is the driving factor in everything we do, and our support for this local food project will have many benefits,” O’Brien said. “It will help support jobs and businesses in the region and support an eco-friendly environment that helps restore and protect the Chesapeake Bay.” Read more »

New Center Improves Lives of Kentucky Seniors, Creates Jobs

Recently, I spoke at the grand opening of the Daisy Hill Assisted Living facility in Versailles, Ky.  In visiting this facility, I reflected on the future of this and other facilities and their importance as we anticipate the droves of baby boomers seeking to maintain a quality of life as they transition to assisted-living.

The facility was financed through USDA’s Business and Industry Guarantee Loan program.  The $4.5 million loan guarantee to Pinnacle National Bank of Nashville has provided the owners an opportunity to create a beautiful facility for the residents. Read more »

Arizona Revolving Loan Roundtable Aims to Help Small Businesses Expand and Create Jobs

Nobody in the audience was checking emails or text messages. No one was squirming and looking at the clock. In fact, all of the attendees were riveted to the presentations.

The event was a recent Revolving Loan Fund Roundtable sponsored by USDA Rural Development in Phoenix, Arizona.

Lyle Frederickson with Great Western Bank observed the attentiveness and speculated that was because the lenders in the room represented small communities…and rural communities are crying out now more than ever for help capitalizing their small businesses. Read more »

South Dakota USDA Rural Development Honors Top Business & Industry Loan Guarantee Program Lenders

South Dakota USDA Rural Development honored four top banks for their collaborative work in utilizing the USDA Business & Industry (B & I) Loan Guarantee program.

Elsie Meeks, South Dakota Rural Development State Director said, “Working with private lenders throughout the state enables USDA Rural Development to increase investment capital, and help communities and local organizations build a strong business infrastructure to nurture economic growth.”   In Fiscal Year 2012, South Dakota USDA Rural Development B & I Guaranteed Loan program made available $33.2 million in the state, leveraging $128 million and assisting nine businesses.  This economic support created or retained an estimated 109 jobs in the state.

Great Western Bank  of Rapid City, First Interstate Bank of Sturgis, BankWest of Pierre and First Interstate Bank of Wall, South Dakota were recently highlighted as top lenders through the B & I program. Read more »