Clay and Rowan counties receive $2 million from USDA for economic development
LEXINGTON, Ky. (WTVQ/Press Release) – The United States Department of Agriculture Rural Development Kentucky today announced USDA is investing $2 million to help spur economic development in Clay and Rowan counties.
Kentucky is one of 10 states in which USDA is investing $14 million in rural economic development projects, through the Rural Economic Development Loan and Grant program.
“When we invest in infrastructure, we’re investing in the people of rural America to help create thriving communities where they can grow and prosper. These loans and grants will help rural communities build back better and support job creation,” said Deputy Under Secretary for Rural Development Justin Maxson. “Under the leadership of President Biden, Vice President Harris and Secretary Vilsack, USDA is working tirelessly to be a strong advocate for and investor in infrastructure and economic development in rural communities across the country.”
Fleming-Mason Energy Cooperative will use a $1 million loan to help Rajant Corporation purchase and install manufacturing test equipment. Rajant, which develops wireless broadband systems, is expanding in a new location in the MMRC Regional Industrial Park in Morehead. This project is expected to create 14 jobs over the next three years.
Jackson Energy Cooperative Corporation will use a $1 million loan to help Phillips Diversified Manufacturing Inc. purchase and install specialty manufacturing equipment. This project will create 60 new jobs in Clay and surrounding counties
The Rural Economic Development Loan and Grant program provides zero-interest loans and grants to utilities. The utilities then lend funds to local businesses in order to create and retain jobs in rural areas.
Under the Biden-Harris administration, USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural, Tribal and high-poverty areas. For more information, visit www.rd.usda.gov.