An $800,000 government loan designed to create a fund to establish or expand businesses and jobs in rural areas has been given to a Salt Lake area finance agency, the U.S. Department of Agriculture announced Tuesday.
The money will be loaned for 30 years at 1 percent interest to the Deseret Certified Development Co., 4885 S. Ninth East.Deseret will in turn loan the money to businesses in rural areas to create new jobs. Officials said they hope repayment on those loans will help develop a perpetual fund to develop rural businesses.
Deseret said in loan applications that it has seven prospective businesses seeking loans and that developments proposed by them could create 150 new jobs, officials said.
The loan comes from the Intermediary Re-lending Program, part of the Farmer's Home Business and Industrial Guaranteed Loan program.