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New grant promotes economic growth in northern Indiana area

By ANN ALLEN
Indiana Correspondent

ROCHESTER, Ind. — A $75,000 USDA Rural Development Grant awarded July 6 to the Fulton Economic Development Corp. will provide an incentive for business expansion, job retention and creation and private investment, according to FEDCO officials and U.S. Rep. Joe Donnelly, (D-Ohio), who made the ceremonial check presentation.

USDA Rural Development State Director Phil Lehmkuhler said, “With these funds, FEDCO will be able to assist numerous small businesses that in the past have had very few options for alternatives to traditional financing.”

FEDCO Executive Director Terry Lee said people with exciting opportunities for job creation and retention are waiting to apply for the revolving loans this grant provides. FEDCO received a $50,000 grant last October. Lee said repayment of those loans, with interest, is on schedule. As the monies are repaid, they can be turned around into new loans.

Fulton County’s latest grant is one of several recently awarded in Indiana by USDA, according to Lehmkuhler, who added, “USDA Rural Development is committed to improving the quality of life in rural Indiana. When rural Indiana makes progress, all of Indiana benefits.”

Information on rural programs is available at USDA’s website www.rurdev.usda.gov

7/15/2010