WASHINGTON, DC – September 28, 2010 – (RealEstateRama) — Senator Chuck Grassley today said that the U.S. Department of Agriculture, Office of Rural Development has awarded two grants totaling $465,000, and three loans totaling $828,000 to Iowa through the Rural Economic Development Grant and Intermediary Relending programs.
“These funds should help Iowa’s rural communities increase economic activity, employment and infrastructure,” Grassley said.
The Office of Rural Development will distribute the funds through the Rural Economic Development Program as shown below organized alphabetically by town.
• Keosauqua Light & Power in Keosauqua will receive a $300,000 grant to construct a building to house daycare and other family services organizations
• Allamakee – Clayton Electric Cooperative in Postville will receive a $200,000 loan to assist with building expansion to increase manufacturing space for Kol-Gol, Inc. in Waukon
• Eastern Iowa Light & Power in Wilton will receive a $165,000 grant to construct a dental practice in Wapello
The Office of Rural Development will distribute the funds through the Intermediary Relending Program as shown below organized alphabetically by town.
• Appanoose Economic Development Corporation in Centerville will receive a $500,000 loan to provide low-interest loans to public and non-profit organizations to relend for business and community development
• Upper Explorerland Regional Planning Commission in Postville will receive a $128,000 loan to provide low-interest loans to public and non-profit organizations to relend for business and community development
According to the Department of Agriculture, the purpose of the Rural Economic Development Grant Program is to make grants and assistance to establish revolving loan funds for community facilities and infrastructure available to rural communities, and the purpose of the Intermediary Relending Program is to alleviate poverty and increase economic activity and employment in rural communities.
Each year, thousands of local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity administering the funds.