City of Adrian awarded grantADRIAN — According to a news release from the United States Department of Agriculture, the City of Adrian is one of 44 recipients to receive a grant for the purpose of creating jobs by starting or expanding businesses in rural communities.
ADRIAN — According to a news release from the United States Department of Agriculture, the City of Adrian is one of 44 recipients to receive a grant for the purpose of creating jobs by starting or expanding businesses in rural communities. Through funding provided by American Recovery and Reinvestment Act, businesses will be able to access critical capital to help with start-up loans, renovations and improvements.
Adrian City Administrator Bruce Heitkamp said Monday morning he had not received official notice the city’s application had been approved, but had heard the news from a USDA employee.
“We are very pleased — this will definitely be a booster for Adrian’s Maine Street and related business areas,” Heitkamp said.
The grant for $99,999 will be used as part of the city’s revolving loan fund for business-related purposes, Heitkamp explained, referring to the funds as a rural business enterprise grant.
“It will subsidize a loan program in Adrian to further business development,” he stated. “We’ve had a program on a smaller scale, but this will ramp it up.”
The funds will be administered by the city’s housing and development authority, Heitkamp said, which also acts as an economic development authority.
Adrian Community Development Director Kevin Norskog said he doesn’t think it will take long to get the new funding set up and rolling once the money is in place.
“We loan those moneys out, and as they are paid back they go back into the revolving fund for other businesses to use,” Norskog explained. “The funds keep coming back and going out.”
During the application process an initial project had to be included. Heitkamp was hesitant to discuss the exact nature of that project until official notification was received, but both he and Norskog were glad to have Adrian included in the grant funding.
“We hope it is a shot in the arm for Maine Street,” Norskog added. “There is another business down the street giving thought to doing some development. We’ll keep a close eye out and try to help.”