L-A Railroad Company to Receive $200,000 in Recovery Funds
February 3rd, 2010
(BANGOR) – Agriculture Secretary Tom Vilsack has announced the selection of 44 recipients – including the Lewiston-Auburn Railroad Company — for more than $4 million in grants to start or expand businesses in rural communities. Through Recovery Act funding, businesses will be able to access critical capital that will help with start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs.
“These Recovery Act grants represent the Obama Administration’s ongoing efforts to ensure strategic investments and increase economic opportunities in rural America,” said Vilsack. “Small businesses play an important role in building strong communities while providing vital products and services to local residents. This funding will help spur important economic development and strengthen communities around the country.”
In addition to the $4 million that USDA Rural Development is providing for the 44 projects announced today, recipients have raised $6.9 million from other sources that will be invested in these projects.
In Maine, the Lewiston-Auburn Railroad Company has been selected to receive a Rural Business Enterprise Grant in the amount of $200,000. Grant funds will be used to preserve and renovate an historic building, the Grand Trunk Depot Building, built in 1899. Once completed, the building will be used for a restaurant and tourist attraction, creating much needed employment in the area.
USDA Rural Development State Director Virginia Manuel said, “This is a valuable project for Lewiston that will preserve a historic site while creating jobs and supporting the local economy. I am delighted USDA Rural Development could help make these renovations possible while giving a 19th century building a new life and new purpose that will add to one of Maine’s most dynamic areas.”
“These funds will go a long way in helping with retrofitting this historic building, and will be used for utility improvements, lead abatement, and window repairs, among other needs,” said Bob Thorpe, President, Lewiston-Auburn Railroad Company. The total budget for renovations of the depot is about $300,000.
“This important investment is consistent with Lewiston-Auburn’s ongoing efforts to make downtown more of a viable destination and enhances our growing cadre of dining and recreation options,” added Lewiston-Auburn Economic Growth Council President Lucien Gosselin. The Growth Council staffs the railroad.
The funding announced today is being provided by the Recovery Act through USDA Rural Development’s Rural Business Enterprise Grant Program (RBEG), which helps finance new and existing businesses as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs. Additional information on the RBEG program may be found at http://www.rurdev.usda.gov/rbs/busp/rbeg.htm.
Funding of individual recipients is contingent upon their meeting the terms of their grant agreement. More information about USDA Rural Development can be found at www.rurdev.usda.gov.
USDA Rural Development has Area Offices located in Presque Isle, Bangor, Lewiston, and Scarborough, as well as a State Office, located in Bangor. There are 83 employees working to deliver the agency’s Housing, Business, and Community Programs, which are designed to improve the economic stability of rural communities, businesses, residents, and farmers, and improve the quality of life in rural Maine. In Fiscal Year 2009, USDA Rural Development invested over $420 million in the state of Maine. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov/me.
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