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FSM bank awarded $466,254
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Posted on Oct 03 2008
[B]HILO, Hawaii[/B]—The USDA Rural Development announced a $466,254 award to the Federated States of Micronesia Development Bank to finance business facilities and community development projects.
Funds awarded were made available through Rural Development’s Intermediary Relending Program, which provides loans to private nonprofit organizations or public entities (intermediary). The program’s purpose is to alleviate poverty and increase economic activity and employment in rural communities by establishing revolving loan funds to help finance businesses and promote economic development.
Loan funds will be utilized to establish a revolving loan fund for business and community development in the Federated States of Micronesia. The establishment of the IRP fund will set aside funds that will give priority to start-up and medium enterprises and assist existing small and medium business enterprises in need of working capital and to improve or expand services.
According to Lorraine P. Shin, USDA Rural Development State Director for Hawaii and the Western Pacific, “This partnership of Rural Development and the FSM Development Bank is a positive step in promoting economic development in the area.”
USDA Rural Development’s mission is to deliver programs that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. Additional information about rural programs is available at a local USDA Rural Development office, or on USDA’s Web site at http://www.rurdev.usda.gov, or the Hawaii State Office Homepage at http://www.rurdev.usda.gov/hi/. [B][I](PR) [/I][/B]
