MRPC News Release
April 10, 2006
For immediate release
For more information, contact:
Bonnie Prigge (573) 265-2993
USDA RURAL DEVELOPMENT PROVIDES $500,000 TO MERAMEC REGIONAL PLANNING COMMISSION
Greg Branum , Missouri State Director for USDA Rural Development, presented a $500,000 Mock Check to Richard Cavender, Executive Director for the Meramec Regional Planning Commission (MRPC), in a ceremony Friday, March 30, 2006. The $500,000 in USDA Rural Development funds are part of the Intermediary Relending Program (IRP).
“These funds will assist the MRPC to finance business facilities and community development projects in their eight county area,” said Branum. “They are revolving loan funds. As approved projects are funded and the loans paid back, then more recipients can benefit with the financing of other approved projects.”
“We are extremely appreciative of this $500,000 loan from USDA Rural Development,” Cavender said, “They have been a tremendous ally and a great partner in sharing our commitment to improve the economic development of our Meramec Regional Planning area.”
The $500,000 Rural Development funds will be added to $125,000 of the MRPC funds for a total of $625,000 available for the eight county area including: Crawford, Dent Gasconade, Maries, Phelps, Pulaski, Osage and Washington.
Branum pointed out that MRPC competed for these funds nationally and based on their superior documentation of need, an excellent strategic plan, successful business development and excellent utilization of a previous revolving loan fund; all contributed to their selection for these funds.
Cavender added that MRPC has operated a previous $500,000 revolving loan fund for the last 18 years with a total of over $2.4 million loaned and resulting in the creation of 700 jobs. MRPC is also a Certified Development Corporation for the Small Business Administration 504 loan program and under that program has loaned out over $8.7 million resulting in the creation of 750 jobs for the area.
The ultimate recipients projected to benefit from these new funds include individuals, public organizations, or private corporations. Eligible loan purposes are to be used for (1) community development projects, (2) establishment of new businesses and/or expansion of existing businesses and (3) creation of new jobs and/or save existing jobs.
Anyone interested in participating in this program may contact Candace Connell, MRPC Business Loans Specialist, 4 Industrial Drive, St. James, Missouri 65559-1689 or calling MRPC at (573) 265-2993.
“Funding important projects like this by Rural Development mirrors President Bush’s initiative of being committed to the future of rural communities,” Branum added. “Appreciation is also extended to the Missouri federal elected officials for supporting USDA Rural Development. They have been strong proponents for the necessary funding for essential services for rural Missourians.”
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development has invested over $54 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over one million jobs have been created or saved through these investments. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA's web site at http://www.rurdev.usda.gov.
Greg Branum, Missouri director of USDA Rural Development, (at right) delivered a mock check, worth $500,000 to Meramec Regional Planning Commission, to start an Intermediary Relending Program for business and industry in the Meramec Region. The program will be similar to MRPC's Revolving Loan Fund, which is entirely loaned out. On hand for the presentation was (at left) Richard Cavender, executive director of Meramec Regional Planning Commission, and Candace Connell, MRPC's business loans specialist (center.) MRPC will work in partnership with the Meramec Regional Development Corp. to market and loan the funds.
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