Rugby, N.D., business to receive $1 million loan to build John Deere facility
RUGBY, N.D.--A Rugby implement dealership will receive a $1 million federal loan to build a John Deere equipment facility. The loan, from the U.S. Department of Agriculture's Rural Economic Development Loan and Grant program, was approved recentl...
RUGBY, N.D.-A Rugby implement dealership will receive a $1 million federal loan to build a John Deere equipment facility.
The loan, from the U.S. Department of Agriculture's Rural Economic Development Loan and Grant program, was approved recently for Moure Equipment, doing business as Gooseneck Implement.
The company plans to build a facility along U.S. Highway 2 east of Rugby, according to JoAnn Rodenbiker, director of business development for Northern Plains Electric Cooperative, which has offices in Cando and Carrington, N.D.
The project, when completed, will add seven jobs to the nearly 40 at Gooseneck's Rugby location, she said.
"The program is attractive to the business because of the zero interest," Rodenbiker said. "It is good for the cooperative because it serves our members-in terms of jobs, the farm economy that is the heart of our business and our cooperative commitment to community."
The $1 million loan, which is distributed through the Northern Plains business development department, will be paid back over 10 years, she said.
The loan was made possible through USDA's Intermediary Relending Program and the Rural Microentrepreneur Assistance Program, Rep. Kevin Cramer, R-N.D., said.
Gooseneck also operates John Deere implement dealerships in the North Dakota cities of Minot, Harvey, Stanley, Kenmare, Velva, Mohall and Williston.