The USDA Rural Development Loan and Grant (REDLG) program officially announced a $300,000 economic development grant awarded to Minburn Communications. This is the second USDA grant awarded to the local telecommunications company.
Through the REDLG program, USDA provides zero-interest loans and grants to utilities that lend funds to local businesses and projects that focus to improve the quality of life in rural areas. To qualify for the funding, business and/or projects must contribute to the long-term improvement of the economy that benefits job creation and retention, diversification, improves the education and skills of the local workforce, and upgrades the public infrastructure to improve the health, safety, and/or medical care of rural residents.
Minburn Communications received its first USDA grant in 2015 and established their Revolving Loan Fund (RLF). The original $300,000 grant was combined with a $30,000 grant from Aureon® via the Ripple Effect program and a $30,000 match by Minburn Communications. The first recipient of Minburn Communications’ RLF loan was the City of Perry for a new police station sally port facility and garage.
Along with the new $300,000 USDA grant, Aureon will award an additional $30,000 grant and Minburn Communications will contribute another match of $30,000 to increase the company’s overall RLF pool to $720,000.
With the new RLF funding, Minburn Communications will provide a zero-percent interest loan to the Perry Economic Development to be used towards the 30,000 square-foot speculative warehouse in the Perry Industrial Park. Check presentation was made on Monday, November 5 by Minburn Communications’ CEO Debra Lucht to Perry Economic Development representatives Vice President Bill Clark and President Rich Jones of the Perry Economic Development, Inc. and Perry Economic Development Board member Jon Peters.
Minburn Communications has been a vital partner in the industrial park and spec building’s development with the construction and deployment of fiber optic broadband services, certified site designation and now, financial assistance. With the recent completion of the spec warehouse shell, the Perry Economic Development is actively working with the Greater Dallas County Alliance, Iowa Area Development Group and other strategic partners to market the availability of the facility.
The term of the RLF Perry Economic Development loan is ten years at zero percent interest with a two-year deferred payment schedule. The 2015 RLF loan to the City of Perry has similar terms. The city’s repayment of their loan is allowing Minburn Communications to reissue original RLF funds for future projects in addition to the spec warehouse.
For more information about Minburn Communications Revolving Loan Fund, contact the office at 515-438-2200. To learn more about the certified industrial site and speculative building, contact Perry Economic Development representative Terry Nielsen at 515-465-3521 or Perry City Administrator, Sven Peterson at 515-465-2481