Green Hills Rural Development, Incorporated
The
Commission's development conduit, Green Hills Rural Development,
Inc. is responsible for the administration of three revolving loan
pools. The Revolving Loan Fund (RLF) was seeded by a grant from
the Economic
Development Administration, while the Intermediary Re-lending
Program (IRP) was funded by the U.S. Department of Agriculture/Rural
Development, and the Microenterprise loan pools was funded by a
grant from the State of Missouri's Community
Development Block Grant Program. All three loan pools are designed
to assist with gap financing necessary for new business start-ups
or existing business expansions. The distributions of the loan funds
are governed by a Board of Directors who decides collectively how
the funds are to be loaned out and to whom. During 2007/2008, an
IRP/RLF combination loan was provided to WM Koch, owner/operator
of the Piggly Wiggly store in Chillicothe Missouri. The loan assisted
Mr. Koch with the installation of a deli and fresh cut meat case
to be added to the Chillicothe store, creating three new jobs.
The Green Hills Rural Development Board of Directors
also made two microenterprise loans during 2007/2008. One loan was
to assist a cosmetologist in opening a full service salon in Gilman
City. The second loan was made to an individual who offers medical
billing and coding services for medical practitioners, hospitals,
and dentists. This business venture relies heavily on the proper
electronic equipment, software, and support as the owner will primarily
conduct her services from her home. Both loans represent activity
in the service sector of the economy which, according to Department
of Labor statistics, represents the largest area of growth to be
expected through the year 2020.
GHRDI offers 501 (c) 3 Services for Special
Projects in the Region
Green Hills Rural Development is designated by the
IRS as a 501 (c) 3 development organization with the primary focus
being the administration of the aforementioned revolving loan programs.
However, GHRDI also offers its 501 (c) 3 status to organizations
requiring the IRS designation in order for them to apply for and/or
receive funds from a variety of grant, donation, and foundation
sources. GHRDI acts as the sponsor for an organization grant applications
and funds received can be passed through and disbursed through the
501 (c) 3 mechanism. A full accounting of the receipt and usage
of funds is provided to the organization and donors are provided
with verification of their contributions for tax filing purposes.
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