July 3, 2003

Northeast Missouri Gets $500,000 Federal Boost For Job Growth

Northeast Missouri is receiving a boost from the federal government to encourage job growth. The United States Department of Agriculture (USDA) has awarded $500,000 to the Northeast Missouri Regional Planning Commission and Rural Development Corporation to help create jobs and growth in the region.

U.S. Congressman Kenny Hulshof and U.S. Senator Jim Talent announced the grant on June 30.

The funding is provided through the USDA's Rural Development's Intermediary Re-lending Loan Program (IRP), which provides revolving loan funds and technical assistance for business facilities and community development projects in rural areas and cities with a population of less than 25,000. Rural Development lends funds to intermediaries who then provide loans to borrowers who are developing business facilities or community development projects. Eligible intermediaries include public entities, nonprofit corporations or cooperatives.

"The money will be used in the agencies loan program, matching with agency money to lend out to businesses and continue to help the economy in true northeast Missouri," said David Shoush, executive director of the Northeast Regional Planning Commission. "We submitted the application for this program back in December. This is something we've worked on long and hard with not only our agency, but with several different agencies involving everybody as a whole. It's been a team effort. This is great news and this announcement is a welcome relief."

Senator Talent commended the USDA the economic stimulus to help provide both jobs and growth for the area. Talent is a member of the Senate Agriculture Committee, which governs funding for the USDA.

"These dollars will help create jobs and stimulate economic growth for the residents of northeast Missouri," Talent said. "Our state lost more jobs last year than any other state in the country per capita. Missourians want the Congress to pass a pro-jobs, pro-growth agenda I am pleased that we are carrying that message to Washington."

Congressman Hulshof noted he is looking forward to viewing the positive impact the grant will have on the region.

"I applaud the local officials for pursuing such a worthwhile grant," Hulshof said. "In recent months northeast Missouri's communities have suffered from job loss and plant closings. This grant will help create jobs and opportunity in our local communities."

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