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Posts tagged: Business and Industry Guaranteed Loan Program

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 »

With USDA Support, an Oregon Door Manufacturer Crosses Threshold from Recession to Recovery

Over its 15-year history, wood door manufacturer Pacific Pine has seen its share of good times and tough times. In 2007, the company was running strong with solid sales and nearly 70 employees. To sustain the momentum and continue to grow, they decided to take on short-term debt for large machinery and equipment. It wasn’t long, however, before the housing market and overall economy slid downhill, taking the company’s sales along with them. By 2009, Pacific Pine had reduced their staffing level to 30 and made dramatic changes to operations. At the same time, many conventional banks were having problems of their own. As a result, Pacific Pine’s lender decided they would not continue to carry Pacific Pine’s line of credit.

Having weathered tough economic times, Pacific Pine Products, Inc. is on track to have a record year for 2012, hammering out roughly 5,000 doors each month. “I can’t believe there are so many people buying doors,” says company vice president Greg Larson (shown with product).

Having weathered tough economic times, Pacific Pine Products, Inc. is on track to have a record year for 2012, hammering out roughly 5,000 doors each month. “I can’t believe there are so many people buying doors,” says company vice president Greg Larson (shown with product).

Read more »

USDA Helps Prevent South Dakota Firm’s “Goose” From Being “Cooked”

Memories of a good home cooked meal…. Mom’s in the kitchen…Dad’s snatching tidbits when Mom’s back is turned….wonderful aromas wafting from the kitchen.   As the family joins together for dinner, the table is laden with scrumptious food, and Mom brings the crowning jewel to the table… a beautiful golden brown goose, roasted to perfection.

Are you wondering where you’d find a goose today to enjoy any time?  Did you know that 85-90 percent of the geese on the American market come from Schiltz Foods in Sisseton, South Dakota – a family business that grew from 5 geese in 1944 to over 200,000 birds today.  Brothers Richard and Jim Schiltz took over for their dad, Marlin, several years ago and oversee everything from production to marketing and beyond. Read more »