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USDA lays down grant, loan programs
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Posted on Aug 04 2004
The U.S. Department of Agriculture yesterday said it is has a number of grant packages available to non-profit organizations to assist the CNMI’s rural development by tapping the groups’ entrepreneurial spirit.
Speaking before members of the Saipan Chamber of Commerce, USDA rural development manager Joseph M. Diego said his office has three grant programs: the Rural Business-Cooperative Service, Rural Housing Service, and Rural Utilities Service.
These grants aim to provide organizations with economic development planning, technical assistance, or training, according to the USDA.
“Rural business opportunity grants are available to public bodies, nonprofit corporations…and cooperatives with members that are primarily rural residents and that conduct activities for the mutual benefit of the members,” the USDA said.
The USDA said grant funds could be used to identify and analyze business opportunities that would use local rural materials or manpower, or establish new rural businesses, among others.
Meanwhile, Diego said the USDA has provided some 400 housing loans to CNMI applicants, the amounts of which range from $50,000 to $75,000.
He said the USDA has granted a total of about $8 million in business and industry guaranteed loans in the CNMI.
Diego said the USDA has provided a low-interest $500,000 loan to the Pacific Islands Development Bank to increase the institution’s revolving loan fund to $1 million. The Guam-based bank makes avail loans in the CNMI, Guam, Palau and the Federated States of Micronesia.
