By SCBIZ Staff

Four South Carolina organizations were among those selected nationwide to receive a portion of $19.25 million designated for the creation or retention of jobs at rural businesses. The funds are being provided through the USDA Rural Development Intermediary Relending Program and the Rural Economic Development Loan and Grant Program.

Funding in the relending program is given to intermediaries, such as community development or regional planning groups, who then re-lend the funds to local businesses. The loans must be used to start new businesses, expand existing ones or create or retain jobs. The economic development program provides funds to support job retention or job creation efforts in rural communities. Efforts are being made to help designated rural communities address issues that have led to disconnection from markets, suppliers and centers of information and finance, such as constraints in economic activity and growth and stagnant or declining employment and isolation.

“These funds will help local communities finance business expansions, implement economic development plans and make infrastructure improvements to ensure rural areas remain attractive, economically viable places to live and work,” said Agriculture Secretary Mike Johanns. “The funding is expected to help create or save more than 1,000 jobs in 23 states.”

In South Carolina, Aiken Electric Cooperative was selected to receive Rural Economic Development Loan funds in the amount of $740,000 and Pee Dee Electric Cooperative will receive $300,000 in Rural Economic Development Grant funds. In addition, two organizations will receive Rural Business Enterprise Grants through the Empowerment Zone/Enterprise Community and Rural Economic Area Partnership. The town of Allendale will receive $500,000 and the Western Carolina Higher Education Commission will receive $690,714.