WASHINGTON- Senator Chuck Grassley today announced that the U.S. Department of Agriculture, Office of Rural Development has awarded a grant of $50,000 to Rock Rapids through the Rural Business Enterprise Grant Program.
The funds will be used to help create eight new jobs and save 18 more by establishing a revolving loan fund to assist small and emerging businesses in Rock Rapids.
“Small businesses are vital to the economy, especially in rural areas,” Grassley said. “These funds will help create and keep jobs in Rock Rapids.”
The Rural Business Enterprise Grant Program provides grants to public agencies, private non-profit corporations or Indian groups for needed infrastructure, to fund technical assistance needs and to establish or fund revolving loan programs for small and emerging private enterprises that have less that $1 million in revenues and fewer than 50 employees. The project must be located in an area of less than 50,000 in population.