Rural economic development gets funding for peanut factory

August 29, 2012 in Business, News, Statewide News

From The Mississippi Link Newswire

JACKSON – Agriculture Secretary Tom Vilsack has announced the selection of recipients for grants and loans to help spur economic development and create or save jobs in six states.

“This funding will help rural businesses obtain the financing they need to thrive, grow and create jobs,” Vilsack said. “These grants and loans are part of the Obama Administration’s ongoing commitment to ensure that rural communities attract capital investments that lead to business development and job creation.”

South Mississippi Electric Power Association will receive a $1 million loan through the Rural Economic Development Loan and Grant program.

These funds will be used to purchase machinery and equipment and to finance the construction of a 57,600-square-foot industrial peanut-buying facility in Clarksdale.

“The funds awarded to South Mississippi Electric Power Association will result in job creation, business development and economic growth in rural Mississippi,” said Trina George, Mississippi State Director for USDA Rural Development.

The project will lead to 10 new jobs upon completion and 23 seasonal jobs.