Fay-Penn council receives $605,000 in funding
By: HERALD STANDARD STAFF Herald Standard
Fay-Penn Economic Development Council has received $605,000 in funding from the U.S. Department of Agriculture’s Rural Development office.
Fay-Penn was one of six Pennsylvania-based organizations to receive funding Thursday through the Rural Microentreprenuer Assistance Program, authorized by the Food, Conservation and Energy Act of 2008, also known as the Farm Bill.
Fay-Penn received a $500,000 loan and a $105,000 grant.
The organization was incorporated in 1991 to assist in the economic revitalization efforts of Fayette County.
Fay-Penn primarily focuses on the manufacturing sector in addition to a concentration on tourism and infrastructure development by implementing a strategy of specific economic development objectives and by providing superior services to clients.
Thomas Williams, USDA Rural Development director for Pennsylvania, said it’s important to provide funding for organizations like Fay-Penn because their efforts help improve the economy.
“These organizations are a catalyst for growth in rural Pennsylvania. By funding them, we create a domino effect for job growth in our local economies,” he said.
Rural Microentreprenuer Assistance Program allows for small businesses to prosper by giving them access to capital, and it also helps to create new off-farm income opportunities that help to support owners of small and mid-sized farm operations. In many cases, an entrepreneur needs only a small amount of money, known as a microloan, to get started.
Through its Rural Development mission area, the USDA administers and manages more than 40 housing, business and community infrastructure and facility programs through a network of 6,100 employees located in the nation’s capital and 500 state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers, and ranchers and improve the quality of life in rural America.
Rural Development has an existing portfolio of more than $142 billion in loans and loan guarantees. For more information, visit online at www.rurdev.usda.gov/BCP_RMAP.html.
For more information on Fay-Penn’s programs, call 724-437-7913 or contact the agency by e-mail at firstname.lastname@example.org.
December 17, 2010