Alexander, Frist Applaud USDA Loan To Aid Rural Job Growth - Technology 2020/Southeast Community Capital Among Loan Recipients

Posted on April 12, 2005

WASHINGTON, D.C. - U.S. Senators Bill Frist (R-TN) and Lamar Alexander (R-TN) today applauded the United States Department of Agriculture (USDA) for awarding $750,000 in revolving loan funds to Technology 2020/Southeast Community Capital in Anderson County to aid rural job growth in Tennessee. Nine organizations in six states, including Tennessee were selected to receive loans. “Our rural communities and small businesses provide the greatest opportunity for new jobs and economic growth,” said Frist. “This funding in Anderson County will help maintain employment levels, promote business expansion, and create a new generation of small business owners. Senator Alexander and I thank the USDA for moving America forward with this common sense job growth initiative. “One of the greatest challenges our country faces is keeping our jobs and creating new ones in a competitive world marketplace. I’m proud to see the Department of Agriculture’s commitment to saving and creating jobs in Anderson County,” said Alexander. “Senator Frist and I appreciate the USDA’s continued investment in business development and job creation in Tennessee.” Secretary of Agriculture Mike Johanns announced today that the USDA will invest $5.5 million in business development loans for rural America. These loans are made available through the USDA Rural Development Intermediary Relending Program. The goal of business revolving loan funds is to finance business facilities and community development projects in rural areas. Loans are made to intermediaries who in turn re-lend funds locally to support business and community development. Loan applicants must utilize funds for establishing new businesses, expanding existing businesses, creating employment opportunities, saving jobs and completing community development projects. Funding is contingent upon meeting these conditions of the loan agreement. Technology 2020 is a wholly owned subsidiary of Southeast Community Capital, a non-profit intermediary re-lender that makes loans to companies and individuals. Southeast Community Capital is a certified Community Development Financial Institution (CDFI) and a certified Community Development Entity (CDE) both certifications by the Community Development Financial Institution Fund, a program of the United States Department of Treasury.