Friday, September 23, 2016

USDA provides RGE loan
USDA Rural Development has announced a $l million loan to Newport Utilities to assist RGE USA with a planned expansion. The funds will allow RGE USA to add to it's current employee base as well as to upgrade existing equipment. The zero-interest Rural Economic Development Loan through Newport Utilities will fund projects to create and retain employment in Cocke County. RGE will use the funds to upgrade the existing manufacturing line infrastructure and purchase new equipment to expand the output of plastic injection molded products. The project will add 30 jobs to the exiting 36 workers at the plant. As the money is paid back, it will be available for similar loans to other Cocke County businesses. The USDA Rural Development loan program is aimed at moving investments to rural communities with housing, business and infrastructure loans and grants to create jobs, with an emphasis on areas of persistent poverty. Since 2009, the agency has assisted more than 1.5 million Tennessee families and businesses in 230 communities in all 95 counties of Tennessee, and invested more than $6.6 billion through affordable loans, loan guarantees, and grants.


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