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Talladega, St. Clair business to participate in federal loan program

St. Clair County Courthouse

Two local businesses, one from St. Clair County and one in Talladega County, will soon benefit from a federal loan guarantee program. 

In a news release, U.S. Department of Agriculture Rural Development Alabama State Director Nivory Gordon, Jr. announced that the Department is investing more than $18 million to help rural businesses in rural Alabama. These investments will create 18 jobs and save 79 jobs in seven Alabama counties.

The release said USDA is making three investments through the Business and Industry Loan Guarantee Program in Alabama.  

In St. Clair County, USDA is investing $2,570,000 in loan guarantees to ServisFirst Bank of Birmingham to help Alcrete Industries, Inc. The release said this investment would allow the company to continue contributing to the local rural economy. 

In Talladega County, USDA is investing $5,914,750 in loan guarantees to the United Bank of Atmore, Alabama to help Pursell Agri-Tech, LLC. This investment will create 18 jobs, save 57 jobs, and will benefit 12,749 rural residents across Talladega County.

The release said the USDA is also investing $10,000,000 in loan guarantees to ServisFirst Bank of Birmingham to help Pine Belt Cellular, Inc. in Wilcox, Choctaw, Marengo, Perry, and Dallas Counties. This investment will save 22 jobs and will benefit 10,681 rural residents.

The three companies each have varied products and operations. Alcrete manufactures precast concrete products such as manholes, culverts and pipes. Pursell handles next generation fertilizers, and Pine Belt provides cable, internet and phone services.

Gordon said supporting rural businesses in Alabama through programs like the B&I Loan Guarantee Program is important to the state's overall prosperity.

“The economic success of the rural areas of Alabama is essential for our state to grow and prosper,” Gordon said. “By investing in businesses who choose to locate and stay in our rural communities, USDA is helping businesses in rural Alabama to create jobs, grow, and to find new and better markets for the items they produce. Rural Alabama is wide-open for business, and USDA stands ready to help.”

The release said under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov

Taylor Mitchell is a Daily Home reporter covering Pell City.