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 »

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 »

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 »

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 »

Stakeholders meet with USDA staff in New York recently to discuss ways to use Rural Development programs to help small businesses create jobs and grow businesses. USDA photo.

Last month, USDA Rural Development’s Delaware – Maryland State Office and the State Office staff in New York hosted roundtable discussions on Revolving Loan Fund (RLF) availability.  RLF programs are unique programs that provide funds to local and regional organizations to capitalize and operate revolving loan funds.  Revolving loan funds are used to assist with business financing and economic development activities to create and/or retain jobs in disadvantaged and remote communities.  As such, these are programs that have great potential for meeting USDA’s rural economic mandate in a time of scarce federal funding. Read more »

Bruce Pleasant, USDA Rural Development Business & Cooperative Program Director, facilitates the “Rural Job Maker Initiative Roundtable” held recently in Raleigh, North Carolina with more than 35 community and business stakeholders and revolving loan providers. USDA photo.

Earlier this month, USDA Rural Development staff, Intermediary Relending providers and partners held a Rural Job Maker Initiative Roundtable at the Rural Development State Office in Raleigh, North Carolina. Read more »