Thompson Announces $99,000 Rural Development Grant
Washington, D.C.—U.S. Representative Glenn `GT’ Thompson, R-Howard, today announced $99,000 has been awarded to the St. Mary’s Area Economic Development Corporation from the U.S. Department of Agriculture.
The Rural Business Enterprise Grant will be used for a revolving loan fund for small and emerging businesses in Elk and Cameron counties.
“With the serious unemployment we have in these counties, this is a welcome windfall,” said Thompson. “The money should help businesses and thus provide some employment.”
Raymond Klaiber, Jr. of the St. Marys Area Economic Development Corporation agreed. He said that for every client who receives up to a $100,000 loan from their revolving fund, that firm must hire a new employee every three years for every $25,000 borrowed.
Klaiber said they have 33 clients they are working with in the Rural Business Enterprise Bank program and they help many firms purchase new or used equipment with the loans. They operate in St. Marys, and Jay and Benezette Townships.