Posted on February 12, 2003
WASHINGTON, D.C. — U.S. Senators Bill Frist (R-TN) and Lamar Alexander (R-TN) today announced that three Tennessee cities will receive loans from the U.S. Department of Agriculture (USDA) to assist in community development and job creation. Through USDA, Halls will receive a $300,000 loan, and Fayetteville and McMinnville will receive loans of $450,000. "The creation of new jobs is one of the most important things we can do to boost our economy, and the USDA's efforts to provide economic development assistance will only encourage future growth in Tennessee," said Frist. "These loans will help improve education, health care and transportation programs in Fayetteville, Halls and McMinnville as well as bolster industry in the area. Building a strong economy must include support for our local communities and I'm pleased this assistance is being made available." "We appreciate USDA's support of communities in Tennessee," said Alexander. "These funds will go a long way to fulfill the most fundamental needs of our citizens including education, jobs and improved health care." The loans are provided through the USDA Rural Economic Loan Program, which provides zero-interest loans to promote rural economic development and job creation opportunities. The projects include the following: Fayetteville Electric System - $450,000 - Loan to the South Central Tennessee Human Resource Agency to purchase a building and make renovations for needed office space. The agency provides community services ranging from transportation and nutrition for the elderly, pre-school programs and weatherization assistance. The expansion will add 15 jobs. Forked Deer Electric Cooperative, Halls - $300,000 - Loan to assist Lauderdale County construct a new health department building in Ripley County. The new facility will add two additional jobs. Caney Fork Electric Cooperative, McMinnville - $450,000 - Loan to assist White County manufacturer to purchase new equipment needed for a recent expansion, which will create 41 additional jobs.