COOKEVILLE – The Cumberland Area Investment Corporation (CAIC) has received USDA funds will help small business in the Upper Cumberland region.
The funding, announced Friday, is being provided through USDA’s Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP) and the Rural Microentrepreneur Assistance Program.
The Cumberland Area Investment Corporation, a branch of the Upper Cumberland Development District, has been selected to receive $2.7 million through the IRP to capitalize low-interest loan funds for business projects. CAIC will receive an IRP loan of $527,204 to provide low-interest loans to public and non-profit organizations to re-lend for business and community development in the 14-county region.
USDA Rural Development has a track record of strengthening rural businesses and economies through its Rural Business-Cooperative Service, it says. For example, Rural Development awarded the Carthage Pavilion Assisted-Living facility a $1.36 million Rural Economic Development loan to transform a vacant hospital building into the only assisted-living facility in Smith County. The Carthage facility serves 42 seniors.
For more information on USDA Rural Development programs available in Tennessee, call (615) 783-1304, or visit http://www.rd.usda.gov/TN.