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Investing, Joint Venture and Establishing a Conpany in the U.S.

May 23, 2012 The U.S. Commercial Service of the American Embassy in Vienna, Austria, in cooperation with the Austrian Federal Economic Chamber and the American Chamber of Commerce in Austria, is organizing a seminar entitle [...]

 

Economic Group to Establish Loan Program

  • Release Date: Wednesday, July 06, 2011
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The New Castle-Henry County Economic Development Corporation has received federal funding to help new business ventures get started. The nearly $68,000 Rural Business Enterprise Grant will be used to create an Enterprise Loan Fund Program. The grant is one of several recently awarded in Indiana by USDA Rural Development.

The US Department of Agriculture Rural Development has awarded the New Castle-Henry County Economic Development Corporation (NCHCEDC) a Rural Business Enterprise Grant in the amount of $67,500. The NCHCEDC will provide a ten percent (10%) project match.

USDA Rural Development Area Director Anthony Kirkland said, “With these funds, the New Castle-Henry County Economic Development Corporation will be able to assist numerous small businesses who, in the past, have had very few options for alternatives to traditional bank financing.”

This latest grant is one of several recently awarded in Indiana by USDA Rural Development. “These grants are in keeping with the mission of USDA Rural Development which is to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure,” said Kirkland.

Bob Grewe, President of the NCHCEDC, noted that the grant funds will provide the financial resources to kick start the community’s Enterprise Loan Fund (ELF) Program. He further noted that the New Castle-Henry County community is seeing an uptick in new business startups and that the grant award could play a significant role in helping new business ventures get started.

The ELF will provide gap financing to business development projects that cannot secure adequate conventional financing. Efforts will begin soon to advertise the availability of these new business development resources. Grewe suggests that the strong community banking presence in Henry County will provide an immediate source for reaching local entrepreneurs. The local banking community has been a tremendous asset to our economic development efforts from supporting our economic development organization to helping finance development projects. Their involvement with supporting the Enterprise Loan Fund will be essential to the success of the program.


Source: New Castle-Henry County Economic Development Corporation