Washington, DC --- Today U.S. Representative Heath Shuler announced the Town of Fletcher has been approved for a $5 million Community Facility Direct Loan through USDA. The funds will be used to construct a Town Hall and public safety building, which will house the local police department.
“I am thrilled that USDA has approved this loan to help the Town of Fletcher make major expansions to its municipal facilities,” said Rep. Shuler. “This $5 million will go a long way to spur economic development in Fletcher and improve public safety and government services for local residents. It is critical that local municipalities across Western North Carolina continue to utilize federal resources like this USDA loan program to make long-term investments in our rural communities.”
The USDA Community Facility Direct Loan program provides financing to construct or improve community facilities in rural areas with up to 20,000 residents. These loans are available to public entities as well as non-profit corporations and tribal governments.
“This is something the town has been working on for many years now and this $5 million puts us where we need to be to go forward with our new town center,” said Town of Fletcher Mayor Bill Moore. “This is going to create a lot of new jobs and growth in this area, and that’s exactly what we need. We owe a lot of thanks to all of our local leaders and delegation, including Congressman Shuler, whose work and help was instrumental in acquiring this loan. We are very thankful and excited to be where we are today.”
The $5 million loan must be paid back over a period of 40 years at a 4.25 percent interest rate.
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Rep. Shuler Announces $5 Million USDA Loan for Town of Fletcher
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