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Release No. 0155.04

Jim Brownlee (202) 720-4623

Tim McNeilly (202) 690-0498

USDA INVESTS \$15.5 MILLION IN BUSINESS DEVELOPMENT

FOR RURAL AMERICA

*Funding will Create or Save Over 2,000 Rural Jobs/ 189 Rural Business
Ventures*

WASHINGTON, April 21, 2004 --- Agriculture Secretary Ann M. Veneman
today announced that \$15.5 million will be invested in 24 organizations
in 16 states and the Virgin Islands for business development and job
creation. This investment further supports President Bush's goal to
create jobs and improve economic opportunities in rural communities.

"The Bush Administration is working to promote economic growth in rural
communities," Veneman said. "These investments will help community
leaders improve rural business opportunities."

Loans are made available through the USDA Rural Development Intermediary
Relending Program. The aim of business revolving loan funds is to
finance business facilities and community development projects in rural
areas. This is achieved through loans made to intermediaries who in turn
re-lend funds locally to support businesses or community development.
Loans from intermediaries to the recipients must be used to establish
new businesses, expand existing businesses, create employment
opportunities, save jobs or complete community development projects.

In 2003, \$39.7 million in 61 revolving loan funds supported 212
businesses and created or saved over 30,000 jobs. Since 2001, the Bush
Administration has invested over \$110 million to support local
revolving loan funds.

The following applicants were selected to receive loan funds:

+-------------------------------+-------------------+-------+---------+
| **Applicant**                 | **Funds to        | **St  | **Loan  |
|                               | Serve**           | ate** | A       |
|                               |                   |       | mount** |
+===============================+===================+=======+=========+
| Arcata EDC                    | Humboldt County   | CA    | \$      |
|                               |                   |       | 500,000 |
+-------------------------------+-------------------+-------+---------+
| Appalachian Community         | Lumpkin County    | GA    | \$      |
| Enterprises, Inc.             |                   |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| Small Business Assistance     | Chatham County    | GA    | \$      |
| Corporation                   |                   |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| Cape & Islands Community      | Barnstable        | MA    | \$      |
| Development                   |                   |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| Western Maryland Rural        | Garrett,          | MD    | \$      |
| Lending Corporation           | Allegany,         |       | 750,000 |
|                               | Washington,       |       |         |
|                               | Montgomery and    |       |         |
|                               | Frederick         |       |         |
|                               | Counties          |       |         |
+-------------------------------+-------------------+-------+---------+
| Midwest Energy Cooperative    | Berrien, Cass,    | MI    | \$      |
|                               | Kalamazoo,        |       | 600,000 |
|                               | Lenawee, Monroe,  |       |         |
|                               | St. Joseph and    |       |         |
|                               | Van Buren         |       |         |
|                               | Counties          |       |         |
+-------------------------------+-------------------+-------+---------+
| Butte Local Development       | Southwest Montana | MT    | \$      |
| Corporation                   |                   |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| East Carolina Development     | Duplin,           | NC    | \$      |
| Company                       | Edgecombe,        |       | 750,000 |
|                               | Lenior, Onslow,   |       |         |
|                               | Pitt, Wayne and   |       |         |
|                               | Wilson Counties   |       |         |
+-------------------------------+-------------------+-------+---------+
| Lumbee River Electric         | Robeson,          | NC    | \$      |
| Membership Corporation        | Scotland, Hoke    |       | 750,000 |
|                               | and Cumberland    |       |         |
|                               | Counties          |       |         |
+-------------------------------+-------------------+-------+---------+
| Mid East Certified            | Beufort, Beries,  | NC    | \$      |
| Development Corporation       | Hereford, Martin  |       | 750,000 |
|                               | and Pitt Counties |       |         |
+-------------------------------+-------------------+-------+---------+
| Piedmont Development Company  | 13 Counties in    | NC    | \$      |
|                               | Service Area      |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| Dakota Certified Development  | Cass County       | ND    | \$      |
| Corporation                   |                   |       | 500,000 |
+-------------------------------+-------------------+-------+---------+
| Nebraska EDC (NEDCO)          | 14 Counties in    | NE    | \$      |
|                               | South Central     |       | 450,000 |
|                               | Nebraska          |       |         |
+-------------------------------+-------------------+-------+---------+
| Cooperative Business          | Cumberland County | NJ    | \$      |
| Assistance Corporation        |                   |       | 800,000 |
+-------------------------------+-------------------+-------+---------+
| North Country Alliance, LDC   | St. Lawrence,     | NY    | \$      |
|                               | Franklin and      |       | 750,000 |
|                               | Jefferson         |       |         |
|                               | Counties          |       |         |
+-------------------------------+-------------------+-------+---------+
| Mahoning Valley EDC           | Youngstown        | OH    | \$      |
|                               |                   |       | 500,000 |
+-------------------------------+-------------------+-------+---------+
| West Central Partnership,     | Eight Northwest   | OH    | \$      |
| Inc.                          | Counties          |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| Greater Eastern Oregon        | Gillian, Grant,   | OR    | \$      |
| Development Corporation       | Umatilla,         |       | 750,000 |
|                               | Wheeler, Harney   |       |         |
|                               | and               |       |         |
|                               |                   |       |         |
|                               | Malheur Counties  |       |         |
+-------------------------------+-------------------+-------+---------+
| Mid-Columbia Economic         | Hood River,       | OR    | \$      |
| Development District          | Sherman and Wasco |       | 600,000 |
|                               | Counties          |       |         |
+-------------------------------+-------------------+-------+---------+
| Deadwood EDC                  | Deadwood          | SD    | \$      |
|                               |                   |       | 500,000 |
+-------------------------------+-------------------+-------+---------+
| West River Foundation for     | Sturgis           | SD    | \$      |
| Economic Development          |                   |       | 750,000 |
+-------------------------------+-------------------+-------+---------+
| Cen-Tex CDC                   | Counties in CDC's | TX    | \$      |
|                               | Service Area      |       | 680,283 |
+-------------------------------+-------------------+-------+---------+
| Vermont Development Credit    | ### Vermont       | VT    | \$      |
| Union                         |                   |       | 500,000 |
+-------------------------------+-------------------+-------+---------+
| St. Croix Foundation          | Entire Territory  | USVI  | \$      |
|                               |                   |       | 200,000 |
+-------------------------------+-------------------+-------+---------+

Funding of selected applicants will be contingent upon meeting the
conditions of the loan agreement. USDA Rural Development\'s mission is
to deliver programs that will support increasing economic opportunity
and improve the quality of life for 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.]{.underline}

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