06/17/2013
Press Release: Rifle Regional Economic Development Corporation Awarded $50,000 USDA RBEG Revolving Loan Fund Grant
For Immediate Release
June 14, 2013
Press Contact:
Dana Ingram, RREDC / 970-625-4202 /[email protected]
RIFLE, CO - The Rifle Regional Economic Development Corporation (RREDC) has been awarded a $50,000 grant from the USDA Rural Business Enterprise Grant (RBEG) Program in order to develop a revolving loan fund. The revolving loan fund program provides loans for rural projects that finance and facilitate development of small and emerging rural businesses. The RREDC will also provide a $25,000 match to the fund. The RREDC has identified access to capital as a needed service for the community to compliment the already existing work in economic development.
Revolving loans are typically smaller and easier to acquire from non-profits such as the RREDC and have negotiable interest rates which make them desirable to startups and small businesses looking to expand. The RREDC revolving loan fund will be authorized to provide loans to non-farm businesses for acquisition of real estate, equipment, working capital and refinancing.
Given the vastly increasing demand for economic development services and programs, the RREDC sees this program as an added value service which will greatly benefit local businesses. As the is the only economic development non-profit in Western Garfield County, it is incumbent upon the organization to provide services that produce the capital, guidance and support to regional businesses that contribute to the expansion, retention and overall commercial vitality of the region.
“This funding will help existing businesses in the area to expand, purchase needed equipment, improve building facades and create jobs to sustain our economy,” said Michael Langhorne, President of the RREDC and Owner of Book Cliff Survey. “About 80% of job growth comes from small businesses and we want to see these businesses succeed throughout Western Garfield County,”
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Founded in 2007, the Rifle Regional Economic Development Corporation is a 501(c)(3) non-profit corporation whose mission is to assist in the development of a diverse and sustainable economy for Western Garfield County in order to assure a prosperous and robust future. RREDC is committed to helping create new and retain existing jobs in the region.