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American Recovery Funds Released
Published Monday, November 09, 2009 at 11:45 AM
Agriculture Secretary Tom Vilsack says 56.2-million dollars in loan guarantees will assist 12 rural businesses though funding made available by the American Recovery and Reinvestment Act. The secretary said the funds will help businesses get access to the capital they need to expand their businesses and bring stability to America's small cities and towns. The 12 projects are expected to leverage 5.6-million dollars in private sector investments in addition to the USDA Rural Development assistance. As an example; in Bagley, Minnesota, USDA is guaranteeing a 7-million dollar loan to TEAM Industries for working capital. TEAM is a manufacturing and design company specializing in drivetrain products. Recently, the company has experienced a steep drop in orders. Their reaction has been swift. TEAM diversified their end product and significantly increased their customer base, resulting in more than 30 new customers, new patented products and increased sales.

And in Asheville, North Carolina, a loan for 5-million dollars will be used to finance the construction of a wood pellet manufacturing facility. The wood pellets can be used as a renewable source of heat and power for various industries.

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