Hoeven: USDA Approves $4 Million in Low-Interest Loans to Support Rural Business Development in North Dakota

WASHINGTON – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and member of the Senate Agriculture Committee, today announced that the U.S. Department of Agriculture (USDA) Rural Development has approved two loans totaling nearly $4 million to support rural business development in North Dakota. The details are as follows:

  • Nodak Electric Cooperative, Inc. – $2 million to support the construction of a new farm equipment dealership in Devils Lake. 
  • ADB Investments ND, LLC – Nearly $2 million to support the purchase of a lodging facility in Minot, supporting tourism and other industries in the region.

“USDA’s low-interest loans provide important support for new and expanding rural businesses, helping our state to diversify its economy and creating good-paying jobs while also being a good value to taxpayers,” Hoeven said. “As chairman of the Senate Agriculture Appropriations Committee, I work to ensure strong support for these programs in our annual funding legislation to help strengthen our rural economy and maintain our high quality of life.”

In addition, Hoeven helped secure Senate passage of the 2018 farm bill with broad, bipartisan support from the Senate last week. Hoeven worked to ensure the legislation provides producers with strong crop insurance, improved risk management tools, enhanced support for agriculture research and greater access to capital. The senator continues his efforts to move quickly to conference committee with the House of Representatives and pass a strong farm bill into law as soon as possible.