Washington, DC – U.S. Senator Tim Johnson (D-SD) announced today that the Webster Area Development Corporation in Day County will receive a $24,877 federal grant from the United States Department of Agriculture Rural Development. The funding will be used to establish a revolving fund to assist small and emerging businesses in the area.
“It is important to encourage growth and development in rural communities,” Johnson said. “I am pleased that the Webster Area Development Corporation will receive this funding to provide needed resources to local businesses and bring investments to the community. This is the sort of investment in the public good that I promote as part of my Hometown Prosperity Plan.”
Funding under this program is distributed either directly or through the use of a revolving loan fund, where a loan is made to a person or business and funds then become available for new loans to other businesses for development projects.
Senator Johnson's Hometown Prosperity Plan is a four-pillar agenda for advancing South Dakota's economy from the federal level. The four pillars, or strategies, include "Promoting Partnerships," "Emphasizing Entrepreneurship," "Investing in the Public Good," and "Protecting Pocketbooks." The full plan includes specific actions related to each strategy and can be downloaded from http://johnson.senate.gov/public/index.cfm?p=Home.
For more information on Senator Tim Johnson visit his website at http://johnson.senate.gov. To contact Senator Johnson’s communications office via e-mail, write his Communications Director at Julianne_Fisher@Johnson.Senate.gov or his Deputy Communications Director at Jeff_Gohringer@Johnson.Senate.gov