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Graves Announces USDA Loan Headed to Fayette Small Business

Press Release

Date: June 28, 2007
Location: Washington, DC
Issues: Technology and Communication Agriculture and Food Infrastructure


Graves Announces USDA Loan Headed to Fayette Small Business

U.S. Congressman Sam Graves announced today that the United States Department of Agriculture's (USDA) Rural Development program has approved a guaranteed loan of $181,000 to CMMG, a small arms manufacturer in Fayette. The funding will be used to finance the construction of an expansion, provide working capital and restructure current debt. The project will save 10 existing jobs and create two more in Fayette.

"It's important that we protect jobs in our rural communities," said Graves. "I'm pleased that USDA is working with small businesses to keep those jobs here in Fayette."

The USDA Rural Development program has invested over $72 billion since January 2001 to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over 1.5 million jobs have been created or saved through these investments.


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