CHAMPAIGN, Ill.– U.S. Department of Agriculture Rural Development Illinois State Director Jesus Ortega today announced that the agency is providing a $1 million loan to the Wayne-White Counties Electric Cooperative. The loan will re-lend funds to Beaver Creek Ag LLC. The company, which sells agricultural chemicals and fertilizer to the farming community, will use the funding to expand its operation.
“Under the leadership of President Trump and Secretary Rollins, USDA is committed to strengthening the agricultural infrastructure that supports American farmers,” said Ortega. “Our partnerships with cooperatives help bolster rural prosperity by fostering local economic growth, providing essential services and creating jobs.”
Beaver Creek Ag LLC will use the funding to purchase and install a 500,000-gallon welded steel tank, and for construction of a new 60 feet by 80 feet insulated-metal building. The building will house equipment for loading liquid nitrogen and fertilizers for sale.
This is one of several projects that USDA Rural Development and the cooperative have partnered on over the years to increase rural economic development in Illinois. The investment to Beaver Creek Ag will create two full-time jobs initially, and potentially up to six full-time jobs by 2028.
This investment is through USDA Rural Development’s Rural Economic Development Loan and Grant (REDLG) program. The REDLG program provides funding for rural projects through local utility organizations. Rural Development provides zero-interest loans to local utilities which they, in turn, pass through to local businesses for projects that will create and retain employment in rural Illinois.
“The REDLG program is one of several relending programs that allow rural businesses to get the zero-interest loan financing they need to expand and grow so they can provide more goods and services that support rural prosperity in Illinois,” said Ortega. “For some businesses, a relending program can be a more feasible option than a traditional loan.”
USDA Rural Development invests in rural America with programs to promote rural prosperity. These programs expand access to high-speed internet, electricity, and transportation infrastructure, and support economic growth, healthcare, education, housing and other community essentials. Discover more investment details and historical data in the Rural Data Gateway and learn more about the agency at www.rd.usda.gov/il.