Two Illinois companies will receive large, no-interest federal loans to boost their contributions to the state's agricultural sector.
Jo-Carroll Energy received $447,155 to cover construction costs for a potato handling facility. The project will create approximately 45 jobs in the Elizabeth community.
Norris Electric Cooperative received $102,845 to support the construction of a 9,600-square-foot office and warehouse for a seed and chemical project.
“We’re a federal agency that provides a wide range of services through staff located right here in Illinois,” U.S. Department of Agriculture (USDA) Rural Development Director for Illinois Colleen Callahan said. “Our focus is on strengthening rural communities and that means supporting local business so they can be competitive. Cooperatives such as Jo-Carroll Energy and Norris Electric are extremely valuable partners in providing local businesses the access to capital and technical assistance they need.”
The loans are two of $12.5 million loans and grants given to 39 projects across the country.
The Illinois loans in particular are funded through the USDA's Rural Economic Development Loans and Grants program for supporting rural businesses. Applicants can apply for up to $300,000 in grants or $1 million in loans. The loans are repaid without interest over a 10-year term with up to two years of deferred payments allowed. Selected applicants are required to provide a 20 percent match of the total funds awarded.
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