Sen. Norm Coleman, R-Minn., announced this week that Community Development of Morrison County has been awarded a $500,000 loan through the U.S. Department Agriculture's Rural Development agency.
The money will be used to establish a revolving loan fund with public and nonprofit organizations to re-lend for community development projects. Community Development has operated a revolving loan since 1982 with assistance from Rural Development in 1997 and 2000. It has since made loans to 49 businesses and has identified a need in the county for additional business loans.
The cities of Pierz, Upsala, Swanville and Royalton have pledged matching funds to this business loan pool.
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