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Posts tagged: Intermediary Relending Program

Supporting Regional Economic Development Strategies in Oklahoma’s Tribal Communities

USDA is supporting economic development strategies in Oklahoma's Indian Country.

USDA is supporting economic development strategies in Oklahoma's Indian Country.

Rural Oklahoma is home to many important tribal communities.  Among these, the Choctaw Nation spans over ten counties in southeastern Oklahoma, while the Cherokee Nation runs along the state’s northeast border, and Muscogee (Creek) Nation lies farther west.

These communities play a critical role in developing businesses, affordable housing, and infrastructure like water, roads, and telecommunications. However, these areas endure chronic poverty, limited opportunities and countless other economic challenges.  For instance, most of the 1,100 residents of Boley, Oklahoma – located in the heart of Creek nation – live on less than 25 dollars per day.

Earlier this year, I joined Leslie Wheelock, Director of USDA’s Office of Tribal Relations, on a visit to the area. Read more »

CDFI – Important Part of Infrastructure

The 8th Annual Governor’s Native American Summit was held last week at Utah Valley University in Salt Lake City, Utah.  Utah’s Rural Development State Director Wilson “David” Conine wanted to share with attendees the importance a community development financial institution (CDFI) can play in tribal development.  He turned to his counterpart, South Dakota Rural Development State Director Elsie M. Meeks who has over 20 years of experience working for Native community economic development.

Meeks recognized CDFI as an important part of the infrastructure for delivering consistent funding for housing and small business development activities that benefit low and moderate income people.  They combine multiple sources of public and private capital in order to make loans and investments available in ways tailored to the particular underserved geographies and types of businesses or borrowers.  Developing capacity among these types of organizations can increase utilization of USDA programs in a region, many of which provide long-term below-market capital for permanent improvements in rural areas. Read more »

White House Rural Council Growing Rural Economies, Creating Jobs

Cross posted from the White House Blog:

This week is National Small Business Week. The U.S. Small Business Administration (SBA), along with agencies across the Obama Administration, are hosting events in five cities. These events provide expert advice, mentoring and explore topics ranging from access to capital to exporting. Small businesses across the country can tune into these events via livestream at sba.gov.

America’s small businesses create two out of three net new private sector jobs in our economy. And today more than half of all working Americans either own or work for a small business. Our goal is to ensure that the positive economic benefits of entrepreneurship can reach every corner of the country. Read more »

USDA Support Helps Foundry Workers Save their Jobs

It has been nine years since the employees of the Mereen-Johnson Foundry banded together and risked their retirement savings in order to keep their jobs and secure a future for themselves and their families by buying the foundry.  Dakota Foundry, Inc. is a manufacturer of gray and ductile iron castings, located in Webster, South Dakota, and it was on the brink of closure until the employees stepped up to the plate. Read more »

Revolving Loan Funds Support Maine’s Rural Small Businesses

Susan M. Corbett owns and operates Axiom Technologies, a telecommunications company headquartered in Machias, Maine. Axiom was able to expand and purchase its own building with funding support through USDA. USDA photos.

Susan M. Corbett owns and operates Axiom Technologies, a telecommunications company headquartered in Machias, Maine. Axiom was able to expand and purchase its own building with funding support through USDA. USDA photos.

Earlier this month, Revolving Loan Fund partners representing 13 Maine Intermediaries and 8 Microenterprise Development Organizations gathered at the USDA State Office in Bangor to listen to and share ideas for investing in rural Maine businesses. This meeting was one of dozens of Revolving Loan Fund Roundtables taking place around the country to assist USDA’s Intermediary Relending Program (IRP) and Rural Microentrepreneur Assistance Program (RMAP) providers share Best Practices and challenges encountered in financing business projects in rural areas. In Maine, there is approximately $9.3 million in existing revolving loan funds for credit-worthy businesses seeking capital. Read more »

USDA Seeks Applicants for Loan Funds to Create Rural Jobs

Applications are being accepted starting today from qualified non-profit and public organizations (intermediaries) to provide loans to create jobs by promoting new business development. Funding will be made available through USDA’s Intermediary Relending Program (IRP). Intermediaries work as partners with USDA and serve as a critical component to boosting local economies.

The Intermediary Relending Program is USDA Rural Development’s primary program for capitalizing revolving loan funds. Since President Obama took office, the program has created or saved an estimated 20,000 jobs nationwide. Read more »