A local business and a local bank were among the honorees at a White House event held Feb. 21 to recognize the partnership of financial institutions and rural manufacturing companies across America.
Andy Johnson, executive vice president and chief financial officer for Bank of Vernon in Vernon, Ala., and Reau Berry, owner and president of JTB Furniture of Columbus, were on hand to represent their companies.
Bank of Vernon, backed by the USDA Rural Development Business and Industry Guaranteed Loan Program, issued a loan to JTB Furniture in 2005, according to Johnson.
Though the paperwork is time-consuming — a typical application process could take nearly six months to complete — Johnson said the program allows banks to give larger loans than they would normally be able to give.
In the case of JTB Furniture, which manufactures wood furniture for the hospitality industry, the loan provided the company with flexible terms and working capital, retaining local jobs so they would not need to outsource, Johnson said.
The two businesses were among 45 manufacturing companies and financial institutions recognized for their role in keeping jobs in the U.S. and spurring economic development.
“The manufacturing sector plays an important part in the nation’s economy,” USDA Rural Development Under Secretary Dallas Tonsager said. “These companies demonstrate that U.S. manufacturing — through innovation, dedication and tireless hard work — will continue to create jobs that keep Americans working and our rural communities thriving.”
“These companies exemplify what can be accomplished when government works with businesses, local officials and rural residents,” said Judith Canales, administrator of USDA Rural Development’s Rural Business and Cooperative Service.
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. Rural Development has an active portfolio of more than $165 billion in affordable loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
Carmen K. Sisson is the former news editor at The Dispatch.
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