Community development grant awarded to county for Premier loan
The state Department of Housing and Community Development announced this week it has awarded Colusa County $5 million in community development grants, which in turn will be loaned to Premier Mushrooms.
The Board of Supervisors approved the $5.02 million loan in late June.
The funds will help Premier to pay down debt, complete some restructuring and allow the company to gain additional private financing for an expansion of the plant and create 45 new full-time jobs.
The plant reportedly has 166 employees, the state reported, but that number could not be confirmed on Friday morning.
"These awards will significantly impact the ability of Colusa County to improve the lives of its citizens through job opportunities. We are proud to support small businesses, job growth and to participate in the strengthening of the California economy," Housing and Community Development Director Linn Warren said in a statement.
Premier Mushroom will pay the county back in a two-tiered, low-interest program over 20 years, the county reported.
The award was part of about $8.8 million in what the state calls Over-the-Counter economic development funds, which come from the federal government to the states.
The program funds large economic development projects resulting in the creation and/or retention of permanent full-time jobs for California's small, rural communities.