Updated Tue, Jun 26, 2012 11:09 am
A Meigs County organization is getting $99,000 in federal money to establish a revolving loan fund for up-and-coming local businesses.
The Meigs County Community Improvement Corporation received the grant from the U.S. Department of Agriculture's Rural Business Enterprise Grant Program.
Senator Sherrod Brown, a Democrat from Ohio, made the announcement today.
"Thanks to these federal resources, small businesses throughout Ohio will have a better shot at creating new opportunities and jobs in small towns and rural areas," Brown said in a press release. "Small businesses are essential to our economy, and through this award, local communities and their residents can lead the way in rural economic development."
The new loan fund will be used for gap financing, according to the press release. Loans will be granted to small and emerging businesses based on need.