USDA Rural Development Provides Access to Capital for Small Businesses in Todd County
1 Jan 2016
A grant from the USDA will help small and emerging businesses in Todd County grow and create jobs. The Todd County Development Corporation (TCDC) was recently selected to receive a $99,000 grant to establish a revolving loan fund. The grant was awarded through USDA Rural Development’s Rural Business Enterprise Grant program (RBEG).
“We are excited to offer the Business Assistance “Revolving Loan Fund” (RLF) for new and emerging small non-retail businesses in Todd County,” said Rick Utech, TCDC’s Executive Director. “Our goal is to help create quality jobs through loan investment in areas such as value-added agricultural manufacturing, technology and product manufacturing sectors.”
TCDC combined $113,000 of dedicated economic development dollars with Rural Development RBEG funding to create the RLF with $212,000 of available funds. The RLF will be used to help finance new and emerging small businesses in Todd County. As each loan is repaid, TCDC will make additional loans to more businesses and promote further economic development and growth in the regional economy.
“RBEG funds are like a gift that keeps on giving,” said Colleen Landkamer, USDA Rural Development State Director. “Small businesses drive the rural economy and we need to make sure they have the necessary access to capital. Successful small businesses build strong and sustainable rural communities. Through the RBEG program, we are able to work with local intermediaries like the Todd County Development Corporation and assist several businesses over a long period of time.”
Rural Development has awarded almost $6 million in RBEG funds since 2009. These funds have enabled more than 20 intermediaries to provide valuable access to capital for several rural businesses. Rural Development also finances housing, infrastructure, community facilities and renewable energy projects in rural communities.
Todd County Development Corporation’s mission is to sustain and promote diverse economic development that improves the quality of life in Todd County. Our organization goals include:
- To facilitate assistance to local businesses in order to retain and expand jobs.
- To explore and pursue new, sustainable business opportunities that connect existing resources and supply chains.
- To develop a multi-channel marketing plan that promotes Todd County’s balanced life style, agronomy-based work force and progressive business policies.
- To have an effective expression of ownership and collaboration across all communities, local governments and economic development groups in Todd County.
- To promote and encourage infrastructure development, such as broadband and transportation, that supports retention and growth of job markets and other needs of Todd County.
To learn more about the Todd County Development Corporation and the RLF, call Rick Utech at (320) 732-2128 or email email@example.com .
To learn more about USDA Rural Development, visit www.rurdev.usda.gov/MNHome.html, or call the local office in Alexandria at (320) 763-3191, ext. 4.
On January 1st TCDC opened a Small Business Development Center (SBDC) satellite office in Long Prairie. Business Technical services are provided "free of charge" to entrepreneurs with project ideas, pre-venture and existing businesses. We will provide confidential business technical SBDC services to make your project a success.
The TCDC SBDC office operates as a satellite office of the North Central Minnesota SBDC located in the Business and Industry Center of Central Lakes College, Brainerd. As part of this larger network, more resources are available to you for helping your business succeed and thrive. Resources for strategic and succession planning, business planning and other areas are available within our region and state.
We encourage all pre-venture, new businesses and even existing businesses in Todd County to take advantage of these free services for success.
For more information, please contact Rick Utech at (320) 732-2128 or email firstname.lastname@example.org