May 13, 2010

Washington, D.C. – Nevada Senator Harry Reid today announced $700,000 in loans from the Farm Bill for the Rural Nevada Development Corporation (RNDC) to spur economic development in rural areas.  The U.S. Department of Agriculture provides the funds to community development or regional planning groups, like the RNDC, who then re-lend them to local businesses.  Loans are used to start new businesses, expand existing ones, and create or retain jobs.  The $700,000 will recapitalize an existing loan program at the RNDC that assists with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities.  Since its formation in 1992, the corporation has secured over $5.2 million through funding sources including USDA-Rural Development, The Economic Development Administration, Charles Schwab Bank and Nevada State Bank.

“Unlike major cities like Las Vegas and Reno, which draw a significant portion of their revenue from the tourism, entertainment and green energy industries, smaller towns rely on other sources of income like agriculture and small businesses to drive their economies,” Reid said.  “I am committed to supporting growth and development in Nevada’s rural communities and these funds will go a long way in that effort.”

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