WASHINGTON- Senator Chuck Grassley today said that the U.S. Department of Agriculture, Office of Rural Development awarded a $3 million loan guarantee to the Cedar River Recreation and Fine Arts Complex in Osage through the Community Facilities Loan and Grant Program.
“This loan guarantee from USDA will help the Cedar River Recreation and Fine Arts Complex provide residents with a facility that fulfills a variety of needs in the community,” Grassley said.
The Cedar River Recreation and Fine Arts Complex will use the loan guarantee to help finance the construction of a multi-purpose recreational facility to serve Mitchell County residents.
The Community Facilities Loan and Grant program provides grants, loans and loan guarantees to assist in the development of essential community facilities in rural areas and towns of up to 20,000 in population.
Each year, thousands of local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants and loans from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity.