Program frees $3M for businesses, local governments

June 16, 2009

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JACKSON -- The federal economic recovery program is making more than $3 million available to Lowndes County government and businesses to borrow for training workers and building new structures to help pull out of the nation''s 18-month-long recession. 

 


The money is included in more than $54 million in Recovery Zone Bonds allocated to Mississippi counties in the state''s 1st Congressional District, said U.S. Rep. Travis Childers. 

 


"The Recovery Zone Bonds program will provide much-needed funding to help fuel economic development, implement important projects and create and save jobs in the areas that need it most," Childers said Monday in announcing the allocations. 

 


"The program is yet another example of the Recovery Act''s efforts to directly invest in our nation''s local economies and help get our country back on track." 

 


Nearly $1.3 million is earmarked for Lowndes County in bond authority reserved for local governments while $1.9 million is allotted for businesses. 

 


The Recovery Zone bonds enable state and local governments to obtain federally subsidized, low-interest loans for various economic development projects, such as public infrastructure, job training and educational programs. 

 


The bonds for private enterprises are tax-exempt investments for businesses to finance a broad range of construction projects. 

 


The bonds are part of the American Recovery and Reinvestment Act Congress passed earlier this year.