Today, U.S. Senators Charles E. Schumer and Kirsten Gillibrand announced that Fort Edward Business Revitalization Program will receive $90,000 from the USDA Rural Development’s Rural Business Enterprise Program (RBEG). Funding will be provided immediately through the American Recovery and Reinvestment Act (ARRA). A total of 145 recipients across the country will receive more than $15.3 million in grants to start or expand rural businesses with these federal funds.
“These grants are a win-win for Washington County,” said Schumer. “These funds will help save or create jobs and spur economic development throughout the region. It is critical that we invest in these kinds of projects to increase economic opportunities and growth throughout New York’s rural areas.”
“This is the right investment for Washington County,” Senator Gillibrand said. “These federal dollars will help grow our businesses, create new jobs and help rebuild our economy. I will continue working with Senator Schumer to make sure New York gets its fair share from the federal government.”
The funding announced today is being administered through USDA Rural Development’s Rural Business Enterprise Program (RBEG), which helps finance new and existing businesses as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs.
The RBEG program is a broad based program that reaches to the core of rural development in a number of ways. Projects funded under the RBEG program will benefit small and emerging private businesses in rural areas. Small and emerging private businesses are those that will employ 50 or fewer new employees and have less than $1 million in projected gross revenues.
President Obama signed The American Recovery and Reinvestment Act of 2009 into law on Feb. 17, 2009. It is designed to jumpstart the nation’s economy, create or save millions of jobs and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act includes measures to modernize our nation’s infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.