U.S. Department of Agriculture (USDA) Secretary Tom Vilsack Tuesday announced that the Department is investing $770 million to help create new and better market opportunitie for rural businesses and people in 36 states and Puerto Rico. The investments include $640 million for 122 projects to help people living in socially vulnerable communities.
"The economic success of rural America has long been the bedrock of our Nation's economy as a whole," Vilsack said. "Under the leadership of President Biden and Vice President Harris, USDA is prioritizing investment in jobs, businesses, and entrepreneurial opportunities in rural America. The investments we're announcing today demonstrate how USDA remains committed to helping people in rural America create new and better market opportunities for our country."
The funding will help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. It will also help entrepreneurs and business cooperatives create jobs, grow businesses, and find new and better markets for the items they produce.
In Missouri, the funds will go to:
- Frickenschmidt Real Estate Holding Company will receive $6,483,547. This Rural Development investment will be used to restructure debt and expansion of the family-owned food processing companies, Frickenschmidt Foods LLC and Lockwood Packing Company LLC. The plant butchers and processes beef and hogs into custom bacon, sausage, shelf stable beef jerky and snack sticks.
- Chung Hospitality LLC will receive $1,762,000. This Rural Development investment will be used to refinance debt, make capital improvements, and upgrade facilities for Chung Hospitality, a hotel in Cameron.
- Hokanson Properties LLC will receive $410,000. This Rural Development investment will be used to assist Hokanson Properties purchase the Feed N Trade farm store. The store has been in operation in Fair Grove for over 30 years.
- Ogden Industries LLC will receive $500,000. This Rural Development investment will be used to provide financing for Ogden while simultaneously improving Ballard's RV park in Carthage. Ballard's RV Park is located between the busy intersection of I-44 and 59 highways. Funding will assist Ogden Industries LLC add an additional 25 full-service sites, improving the existing 17 non-full-service sites to full service, and substantially upgrade all the amenities to include pool, bathhouse, dog park, and paving. There will also be extensive landscaping throughout the facility.
- Ogden Industries LLC will receive $900,000 This Rural Development investment will be used to provide financing for Ogden while simultaneously improving Ballward's RV park in Carthage. Ballard's RV Park is located between the busy intersection of I-44 and 59 highways. Funding will assist Ogden Industries LLC add an additional 25 full-service sites, improving the existing 17 non-full-service sites to full service, and substantially upgrade all the amenities that include pool, bathhouse, dog park, and paving. There will also be extensive landscaping throughout the facility.
- Alan Rimer will receive $385,200, This Rural Development investment will be used to acquire a funeral home business in Edina. This funding will allow new owners to continue operations of this business. The funeral home operates in two locations--Edina and La Belle--serving nearly 1,700 rural Missourians.
- T's Redneck Steakhouse Inc. will receive $1,255,000. This Rural Development investment will be used to help T's with additional financing to help with cash-flow and working capital. T's Redneck Steakhouse Inc. is located in Lebanon. It was established in 1997 by Tina Fears-Akers, who will be involved in the day-to-day management of the operation. This family steakhouse has an expanded menu of food, desserts, and beverages.
- South Fork Resort LLC will get $630,000. This Rural Development investment will be used to acquire a convenience store and campground business. This funding will allow the existing business to continue business operations as the current owners want to retire. South Fork Resort is a destination location with a convenience store, cabins, motel rooms, RV park, and campground located near Mark Twain State Park in Stoutsville.
- IMP Holdings LLC will receive $14,658,446. This Rural Development investment will be used to assist IMP Holdings, a metal recycling business, with a restructure of debt and expansion. The project will restructure debt for real estate, machinery and equipment which will support the business expansion. The company has been in operation since 2010. The business expansion includes automobile shredder that will recycle every metal component of a vehicle for resale and will reduce the amount of waste going into the local landfill.
- Sikeston Associates LLC will get $3.5 million. This Rural Development loan guarantee investment will be used to restructure debt, assist with capital improvements, and working capital. This funding will help this existing business continue providing commercial leased space to several businesses in a long- established shopping center in Sikeston.
- OWC Holdings LLC will get $1,768,500. This Rural Development investment will be used to construct Hollister Wash Company, a five-bay car wash in Hollister. This is an expansion project for OWC Holdings LLC, which currently owns Branson Wash Company LLC. The new facility will handle overflow from the Branson location and expand the customer base.
- Macon Electric Coop will receive $184,000. This Rural Development investment will be used to assist Atlanta C-3 School District purchase and install a new HVAC system and make renovations to the school's gymnasium. The gym is used for many community activities and ventilation and air conditioning are a priority for both the learning environment, as well as outside activities. Old windows allow moisture into the building that causes mold and mildew issues on the ceiling and walls. This is a health hazard and grant funds will allow the district to fix the old windows.
- Webster Electric Cooperative will get $1 million and $300,000. This Rural Development investment will be used to assist Marshfield Fire Protection District (MFPD) renovate and expand its existing firehouse headquarters in Marshfield. The renovation and expansion will expand the training room and add living quarters including a bedroom, bathrooms, office spaces, and kitchen area, allowing for the housing of a full-time firefighter on a 24-hour basis. MFPD provides structural and wildland fire suppression, hazardous material response to the operational level, rescue services to the operational level, and EMS response to the ALS level.
USDA is making 154 investments through three programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program.
The awards are being made in Alabama, Alaska, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming and Puerto Rico.
Categories: Missouri, Business, Government & Policy