The O’Brien County Economic Development Corporation is one of five recipients in Iowa awarded 196-thousand dollars in grant funds through the U.S. Department of Agriculture.
The money will be used to start a new Revolving Loan Fund. The development group already administers two separate revolving loan funds: a county fund and a USDA Intermediary Relending Program fund.
Kiana Johnson of the development corporation says they’ll use the new fund in a similar way as the others: to attract, retain or expand business and industry in O’Brien county. She says the funds may be used for land purchases, building purchases, building construction, machinery and equipment purchases and any other uses deemed appropriate by a committee that will award the funds.
Johnson says two businesses have already submitted applications that have been approved for funds.