Alexander, Frist Applaud $750,000 In Grant Funding For Rural Business Development

Four Southwest Tennessee Counties Among Recipients

Posted on October 5, 2004

WASHINGTON - U.S. Senators Bill Frist (R-TN) and Lamar Alexander (R-TN) today applauded the U.S. Department of Agriculture (USDA) for awarding $750,000 to the Tennessee Business Development Corporation to support rural businesses and job creation in Fayette, Tipton, Shelby and Lauderdale counties. "This funding will create jobs and stimulate economic growth throughout southwestern Tennessee," said Frist. "I applaud the contributions of Tennessee's rural businesses and will continue working hard to secure economic assistance for these innovative and valuable organizations." "I appreciate the Department of Agriculture's support of economic development in southwest Tennessee," Alexander said. "This funding will help rural communities energize economic activity, retain current jobs and create new, good-paying jobs. I will continue to work with Senator Frist to support programs that promote economic growth and prosperity in our rural areas." The USDA as granted over $17 million in Rural Development Funds applicants in 19 states. The funding will help finance over 241 rural businesses, allowing them to create or save over 3,073 jobs. Over $12.3 million of the funding received by rural businesses will support local business revolving loan funds to finance facilities and community development projects. The remaining $4.7 million will be used to support local cooperative organizations which will utilize the funds by providing loans or grants to support local economic or community development efforts.