WASHINGTON — The Northern Maine Development Commission has been selected to receive a $400,000 federal loan to create or save jobs and boost the local economy in Aroostook and Washington counties.
Funding is provided through the U.S. Department of Agriculture’s Intermediary Relending Program. The funds will be used to re-lend for business and community development with a priority on job creation and retention in the region.
U.S. Department of Agriculture Secretary Tom Vilsack announced Wednesday the award of $6.3 million in loans for projects in 17 communities in 14 states and one territory. Loans are provided to organizations (intermediaries) that re-lend the money to local businesses.
“This funding is part of the Obama Administration’s ongoing effort to expand economic opportunity for rural entrepreneurs, helping businesses in our small towns and rural communities grow and create more jobs” Vilsack said in a press release. “These loans will continue our work to leverage private investment and help the rural economy grow.”
NMDC has received five previous IRP loans totaling $5,065,836. By using these funds, it has lent a total of $15,113,777 and leveraged $57,821,313 creating 1,715 jobs and helping to retain an additional 2,115 jobs, according to the USDA release.
“USDA Rural Development’s Intermediary Relending Program has been our most successful lending program, helping us to provide vital funds to assist area businesses to grow and succeed,” NMDC Director of Business Finance Duane Walton said in the release.