10/11/07 USDA seeking rural development projects and offering business loan guarantees

Washington Ag October 11, 2007 The news release says there is money to be had. Lee Debes, Business Programs Specialist for USDA Rural Development in Spokane says the agency has grants for rural economic development projects and also federal loan guarantees for businesses. Debes: "The grants are generally for public bodies, small towns, counties, economic development councils or districts or non-profit organizations with the purpose of assisting private businesses. The loan guarantees they are for banks to utilize to assist private business owners. The government guarantee reduces the banks risk and exposure and that enables the banker to offer then better interest rates or maybe more importantly longer repayment terms for the business owner." An example of a grant project is Stone Soup which is expanding "Shop the Frontier", a public internet shopping mall. Debes: "Which is used to sell products that are made by a broad number of small business in remote rural locations." The deadline for grant applications in Washington State is expected to be late in December. For more information contact a USDA Rural Development Office. I'm Bob Hoff. Persons wanting to pursue these USDA Rural Development programs can contact Debes at leroy.debes@wa.usda.gov or phone (509) 924-7350 Extension 115.