New Areas Eligible for Rural Development Funding

Xenia has been added to areas eligible for USDA Rural Development funding. This includes loan guarantees (similar to SBA) and some limited grant funding. Businesses do NOT have to be farm related in order to qualify, and some programs can even assist with working capital needs!

NEWS RELEASE
United States Department of Agriculture • Rural Development
Federal Bldg. 200 North High Street, Columbus, OH 43215
Phone: (614) 255-2394 • Fax: (614) 255-2559 • Web: http://www.rurdev.usda.gov

Release # 2-10-02                                                                                                                          Contact: Jim Cogan 614-255-2420
Jim.cogan@oh.usda.gov

New Areas Eligible for Rural Development Funding Xenia,Troy and Tipp City can now Apply for Economic Development Assistance

COLUMBUS, OHIO – Feb. 5, 2010 - USDA Rural Development has updated its program eligibility map to include new rural Ohio communities that are eligible for economic development funding.  Xenia, Troy and Tipp City residents should review their business development project needs and contact a Rural Development representative.

"We’ve expanded our program eligibility so we can provide needed assistance to communities which weren’t able to access our funds to help with their economic development projects," said Tony Logan, Rural Development State Director.  "We’re certain this new eligibility criteria will definitely make Rural Development funding a welcomed funding option for financing business development projects."

Rural Development invested more than $681 million during Fiscal Year 2009 through its numerous economic development programs.  Additional funding is being made available during the 2010 funding cycle which will enable Rural Development to assist even more Ohio communities complete projects they’ve been planning.

Rural Development programs that are now available include the Business and Industry Guaranteed Loan Program, the Rural Business Enterprise Grant Program, the Rural Business Opportunity Grant Program, the Rural Economic Development Loan and Grant Programs, and the Rural Energy for America Program.

For additional information on Rural Development’s new eligibility guidelines contact Jim Cogan, Business and Cooperative Program Director at 614-255-2420.