(Jackson, Mn.)– An expansion of the AGCO plant in Jackson, Minnesota has been awarded a $740,000 loan through the USDA Rural Development program.
Federated Rural Electric Association, based in Jackson, applied for the loan on behalf of AGCO. It will be used to help finance a 75,000 square foot addition onto its existing facility which will house increased production of high horse power tractors and related equipment, along with a visitor’s center. The expansion is expected to generate an additional 200 jobs.
The financing is provided through Rural Development’s Rural Economic Development Loan program. Recipients are rural utilities program providers such as Federated Rural Electric, that pass the funds to local organizations for projects to retain jobs, upgrade public infrastructure, improve service delivery and improve the quality of life for residents and visitors.
Minnesota utility cooperative have utilized about $8 million in Rural Development Loan and Grant funds since 2009.
Pictured with a ceremonial $740,000 loan check are Eric Fisher, AGCO Director of Operations; Colleen Landkamer, USDA Rural Development, State Director; and Richard Burud, Federated Rural Electric, General Manager.
