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U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced on December 6, 2022, that the Department is investing $981 million to help create new and better market opportunities and expand essential services for rural people, businesses, and entrepreneurs in 47 states, Guam and the Virgin Islands.
Louisiana rural communities stand to benefit from this investment with $91,229,730 towards business growth and job security. State Director of Rural Development, Deidre Deculus Robert, stated, “Rural communities are an essential thread in our countries fabric and supporting them serves us all.” Secretary Vilsack shared, “Under the leadership of President Biden and Vice President Harris, USDA is dedicated to helping people through job creation and expansion of entrepreneurial opportunities in the rural places they live. The partnerships we’re announcing today demonstrate USDA’s commitment to advocating for rural business owners and building brighter futures for everyone in rural America.”
The funding will help keep resources, jobs and wealth made by rural people right at home through affordable financing and technical assistance. It will help rural Americans start businesses and allow small business owners to grow. It will also open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.
The following investments are examples of funding in Louisiana:
- Boat 2011 Number 2 LLC received $5,202,500. This Rural Development investment will be used to refinance debt and loan closing costs. Boat 2011 Number 2 LLC owns and operates MV C-Confidence, a 311′ offshore supply vessel. The Confidence provides logistics support to the offshore oil and gas industry and is currently under charter with ESSO Exploration and Production. This loan will assist in saving 42 jobs in Houma, Louisiana.
- Hotel Monroe Holdings LLC received $18,961,000. This Rural Development investment will be used for construction, debt refinance, interest reserve accounts and loan closing costs. Hotel Monroe Holdings, LLC was formed to purchase two historic buildings in Monroe, Louisiana. The buildings will be renovated and transformed into a 69-room full-service boutique hotel and event center under the Hilton Tapestry Brand.
- Legacy Leader LLC stands to receive $10,000,000. This Rural Development investment will be used to refinance debt. Legacy Leader LLC was formed to own and operate offshore supply vessels for leasing to customers in the oil and gas and government sectors. The company owns and leases one OSV, the MV Roger White. This loan will assist in creating two jobs and saving twenty-eight.
- OM Parmatma LLC is receiving a $1,585,000 investment to refinance debt, working capital, renovation costs and loan fees. OM Parmatma, LLC was formed to own and operate a Super 8 hotel in New Iberia, Louisiana that sits on 2.99 acres. The hotel is two stories and has 94 rooms, a dining area, pool & whirlpool area, fitness center and other amenities with its 42,000 square foot frame. This loan will assist in creating two and saving 10 jobs in an area impacted by Hurricane Ida.
- Reagan Power & Compression LLC is receiving $10,000,000. This Rural Development investment will be used to refinance debt, real estate purchase, working capital, and loan closing costs. Founded in 1946, Reagan Power & Compression LLC is a compressor manufacture of reciprocating and rotary gas compression systems used to enhance oil recovery systems. RPC Property Holdings is the Real Estate holding company and Kilo- Pak Electrical Generating Systems, LLC is the company that stamps its name on all the generator products produced. This loan will assist in saving 72 jobs in the community of Broussard.
- Southland Steel Fabricators Inc. is receiving $24,730,000. This Rural Development investment will be used to refinance debt and loan closing costs. Southland Steel Fabricators Inc. is a full-service steel fabrication company that provides design, engineering, and manufacturing for projects ranging from light miscellaneous to heavy industrial applications. It provides services to the oil and gas, chemical, refinery, and utility sectors.
