City officials welcome USDA grant

Business

August 28, 2010

Diane Raver The Herald-Tribune The Batesville Herald Tribune Sat Aug 28, 2010, 02:45 PM EDT

--- — The city of Batesville has received a $50,000 U.S. Department of Agriculture Rural Business Enterprise Grant that will provide a revolving loan fund as an incentive for local businesses. On Aug. 19, USDA and city officials and U.S. Rep. Baron Hill were on hand for a check presentation in the Memorial Building council chambers. “With these funds, Batesville will be able to assist numerous small businesses, who in the past have had very few options for alternatives to traditional bank financing .... It also lets locals decide what is best for the community,” reported Phil Lehmkuhler, USDA Rural Development state director. “USDA Rural Development is committed to improving the quality of life in rural Indiana. When rural Indiana makes progress, all of Indiana benefits.” Mayor Rick Fledderman added that the city will be matching the grant with $35,000 from its Economic Development Income Tax Fund. Monies will be used to “assist businesses .... which in turn will stabilize jobs.” Larry Adams, USDA Rural Development area director, noted, “This is a pro-active move by the community .... It will allow the local community to loan money to small emerging businesses, create employment .... A local loan committee will set up the terms.” Hill emphasized that “this is a good thing for the city and taxpayers .... As they repay the loans with interest, more money will be available.” Marcia Comer, USDA area specialist, explained that the grant program is very competitive. Applicants are scored on various criteria and must provide information on items such as population, income of the community, unemployment figures and other demographics. She revealed that there were also three other communities within the 16-county southeastern Indiana area that received grants. Fledderman told the Batesville Economic Development Commission Aug. 23 that he would serve on the three-person revolving loan fund board with Jeff Nolting and Mark Giesting. Businesses that have less than 50 employees and less than $1 million in gross annual revenues are eligible to apply for Batesville’s loan program. For more information, persons can contact the mayor’s office at 933-6100.