Four Pike County businesses are a little richer after receiving grants and loans from the USDA Rural Development Office.
The grants totaled nearly one million dollars, and the money will go directly into Pike County. Cultural arts and economic development will see improvements in Pike County because of the new grant money. The Troy-Pike Cultural Art Center, the South Alabama Electric Cooperative, Inc., the Pike County Economic Development and the Pike County Chamber of Commerce received the checks. Three of the checks were grant money that does not have to be repaid. South Alabama Electric Co-op received a $450,000 loan that is good for ten years with no interest.
The main focus of the grant presentation was to give Troy and Pike County a small business incubator that will open about 30 new jobs and give the county even more potential businesses. Troy is the only county in Alabama to receive four checks for the county from the USDA Department of Rural Development. The department's mission is to deliver programs that will support increasing economic opportunity and improve the quality of life in rural residences.