FOR IMMEDIATE RELEASE: August 27, 1997
CONTACT: Dana Hagerty 202/225-2165
WARREN, MN -- Congressman Collin C. Peterson (DFL-7th District) announced today that the Northwest Regional Development Commission in Warren has been awarded a $400,000 grant from the Economic Development Administration to establish a Flood Disaster Relief Revolving Loan Fund.
"This money will provide financial assistance to businesses affected by the 1997 floods," Peterson said.
This Revolving Loan Fund will have an immediate impact by providing working capital and fixed assets financing for the businesses and industries devastated by the disaster and allow them to reopen and /or stay open during periods of low sales due to disaster-related problems.
"With the establishment of this Revolving Loan Fund, the Northwest Regional Development Commission is trying to help save jobs and preserve the tax base," Peterson said.
The Northwest Regional Development Commission serves Kittson, Marshall, Norman, Pennington, Polk, Red Lake, and Roseau counties.