Two Central Valley companies get stimulus loans
April 7, 2010
• Expected to save – and even add jobs
• ‘Our community has been hardest hit by the recession’
More than $2 million in federal economic recovery loans are going to two companies in Merced County. The funding is expected to save 85 jobs and add 10 additional positions.
Golden By-Products Inc. will receive $1.5 million and Ag Link Inc. will receive $650,500. Both companies are located in Ballico, nine miles northwest of Atwater.
“Clearly our community has been hardest hit by the recession,” says Rep. Dennis Cardoza, D-Merced. “Few regions are in more need of this funding than the San Joaquin Valley. Every step we take to keep workers on the job and stabilize the economy is a step in the right direction.”
The loans will be provided by Premier Valley Bank. They will be guaranteed by the USDA Rural Development Business and Industry Guaranteed Loans program using American Recovery and Reinvestment Act funding.
Golden By-Products is a tire recycling business that hauls, sorts and shreds used scrap tires into “rubber mulch” that is typically seen on playgrounds, providing a safe alternative to wooden bark or gravel.
Ag Link is an affiliate company that provides service to Golden By-Products in handling inventory control, order processing and shipping logistics. The company also makes rubber mats used to cushion livestock stalls and provide sanitary non-toxic bedding material for dairies.
“I’m proud of the work that Golden By-Products and Ag Link are doing in our community and I’m thankful for USDA for their help as well,” says Mr. Cardoza. “This is an outstanding example of the kind of steps we can take to address our economic challenges when we work together.”